The firm confirmed today (21 November) that it is in talks with 175 support staff, with the consultation expected to lead to around 40 job losses in total.
No fee earners will be affected by the latest redundancy talks, which are contained to secretarial and business staff in its City base.
The consultation follows an initial review in August that saw five fee earners and six support staff in the firm’s 44-strong property practice losing their jobs as a result of the downturn in the property market.
Confirming the latest consultation, managing partner Moira Gilmour (pictured), said: “We can confirm that in response to current market conditions the firm has entered into a collective consultation exercise with a number of secretarial and support staff in relation to a potential redundancy programme.
“This action is very much regretted; however, we are moving into difficult economic times and must take some tough decisions. With the outlook for the next two years uncertain, the firm must exercise prudent financial management. Unfortunately, looking at staffing levels is part of that process.”
At the end of the 2007-08 financial year, Field Fisher unveiled one of the biggest increases in partner profits across the top 50, with PEP growing 27% to hit £750,000, while turnover was up 29% to £88m.
The firm is the latest to conduct multiple redundancy consultations with both Cobbetts and Halliwells both recently announcing their third consultation. Meanwhile, last week Eversheds kicked off a second consultation affecting 45 fee earners.
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