The FT said the firm declined to comment on the reverse aspect of the process: the “de-partnering” of a comparable number of its partner-managing directors, as it keeps the number of partners steady at about 1 per cent of staff.

At the end of the third quarter, the firm had 349 partners and 32,600 employees worldwide; with 10 per cent of its workforce facing the axe, up to 100 partners may be culled to maintain the ratio.

For the first three quarters of 2008, the firm reported profits of $4.4 billion, down by almost half from last year. According to SEC filings, it has set aside $11.4 billion for pay and benefits, a decline of 32 per cent over 2007. So current partners can expect bonuses, on the average, of $1 million or less, according to informed comments.