Interesting article in Legal Week (UK) showing firms preparing themselves for a redundancy culture
Legal Week report:
Quarter of UK top 50 could make job cuts in H2
Jeremy Hodges writes:
Top 50 poll shows 11 firms see redundancies as possible as Hammonds becomes the latest to make cuts
Almost a quarter of the UK’s top 50 law firms are considering making redundancies in the current financial year, with 10% saying cuts in the next six months are probable.
Five of the UK’s top 50 law firms are anticipating job losses by the end of the financial year, saying job cuts were either ‘likely’ or ‘very likely’, according to research by Legal Week. An additional 12% said cuts were ‘possible’. Not one firm in the top 50 would rule out redundancies altogether.
The news comes as Hammonds emerges as the latest firm to make redundancies. The top 30 law firm launched a redundancy consultation earlier this week (4 November) which is likely to affect a number of fee earners and support staff, across all offices in real estate and corporate.
Hammonds joins firms including Clifford Chance, DLA Piper, Eversheds and Simmons & Simmons in making redundancies, bringing the number of top 50 firms to cut jobs to a third (32%).
So far more than 350 jobs in the top 50 are thought to have been affected by cuts, with real estate the worst affected practice group. Cobbetts and Dickinson Dees have so far confirmed the most severe cuts, with 69 and 64 jobs respectively under threat.
Read the full story at
http://www.legalweek.com/Articles/1177787/Quarter+of+UK+top+50+could+make+job+cuts+in+H2.html
All the while magic circle firms are still raking in revenue. In one breath Legal Week report forthcoming redundancies whilst with another they report Lovell’s 15% growth and Bird & Bird’s first half 2008 revenue rise.
While we are in the world of legal week… have you seen their new Wiki
