The redundancies are likely to affect 30 fee earners across the firm’s
Wragges’ 178 fee earner real estate group - the largest of the firm’s practice groups– is likely to be most affected by the cull.
Wragges senior partner Quentin Poole said: “It has not been an easy decision, but market conditions have led to a decrease in activity, particularly in real estate. We have to keep the size and shape of the firm under review.”
The consultation makes Wragges the latest in a stream of national firms to announce job losses. Eversheds launched a consultation earlier this month that could see 33 real estate lawyers made redundant, with the firm following in the footsteps of other national players such as Bevan Brittan, Dickinson Dees and Shoosmiths.
Wragges announced an increase in turnover of 11.5% for 2007-08 to reach £125.5m – its fourth consecutive year of double-digit growth. Its profits per equity partner meanwhile jumped by more than 15% to hit £483,000.
Earlier this year the firm agreed a deal to move to new Birmingham headquarters in 2011, in a move that will see the firm’s three offices in the city brought under a single roof.
See Editor's Blog: Bursting Wragges’ bubble for more analysis.
