Mishcons finalises redundancy consultation with 16 staff laid off
Mishcon de Reya has completed its second redundancy consultation with 16 people losing their jobs. The consultation, which concluded in July, has seen eight support staff lose their jobs alongside eight fee earners in the firm's corporate and real estate groups. No salaried partners were affected by the redundancies.
August 11, 2009 at 10:05 AM
2 minute read
Mishcon de Reya has completed its second redundancy consultation with 16 people losing their jobs.
The consultation, which concluded in July, has seen eight support staff lose their jobs alongside eight fee earners in the firm's corporate and real estate groups. No salaried partners were affected by the redundancies.
The consultation marked the second round of job cuts during the last 12 months for Mishcons. A consultation launched at the end of last year was finalised in January, with 17 support staff and fee earners – including two partners – losing their jobs. Again, most of the cuts were thought to be in corporate and real estate.
News of the latest redundancy round comes after Mishcons posted a marginal increase in revenues for 2008-09, with turnover increasing to £47.3m from £47.1m.
However, profits per equity partner fell by around 19%, dropping to £575,000 from £710,000 in 2007-08.
Numerous firms have axed staff and support positions over the last year. Most recently, Pinsent Masons last month confirmed that around 20 fee earners and support staff were set to leave as a result of its only redundancy round to date, while Nabarro announced a second redundancy consultation set to affect 19 fee earners and business support staff. Ten associates and nine other legal and business services staff jobs are at risk.
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