Halliwells has launched its second redundancy consultation in the space of year in a move which is set to affect 40 staff in the firm's real estate practice,
Legal Week can reveal.
The consultation, which was launched yesterday (22 September) is set to affect approximately 20 fee earners and 20 support staff across the firm's offices in Manchester, Liverpool, Sheffield and London.
This is Halliwells' second redundancy programme this year after its first consultation in February, which led to the closure of two teams in its City arm and affected approximately eight staff. The move was part of the firm's decision to refocus its London practice around property, corporate recovery and dispute resolution.
Halliwells has seen rapid growth in recent years, fuelled by a string of mergers, including a tie-up with Manchester’s James Chapman & Co and a similar deal with 16-partner Liverpool practice Cuff Roberts.
In addition the firm consolidated five offices and 700 members of staff in Manchester into one location, in the city’s commercial district, Spinningfields, at the end of last year.
Halliwells’ head of real estate, Mike Edge, said: “The property market is experiencing a sustained downturn and, having conducted a strategic review of our real estate department, it is clear that a restructuring process is required. This has been a difficult decision to make, but it is in the best interests of the business moving forward.”
The news follows Wragge & Co’s announcement yesterday (22 September) that it has launched a redundancy consultation likely to effect up to 30 fee earners in Birmingham and London, with real estate likely to be hit the hardest.
Is there light at the end of the tunnel for real estate? Or are things set to get worse? Click here to post your comments.
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It's looking very, very grim for real estate jobs, especially out in the sticks.
Having had a massive boom time over recent years perhaps we should not be surprised by this Halliwells bust. Firms that grow steadily and organically seem to be faring better. Bad PR for Halliwells, but at least they are being upfront. I wonder how many firms are trying to sweep such things under their very plush carpets.
The people facing the chop have been informed that they will only get statutory minimum redundancy payments. Very shoddy treatment by a firm with a far from shoddy PEP
You've got to admire the openness of the firm though. I actually sympathise with Halliwells to a degree. They've obviously got a high retention rate (presumably because it's a decent place to work) so cannot rely upon 'natural wastage' coupled with a recruitment moratorium like some of their northwest big boy peers (mentioning no names)! They have to go about it publicly and get slated (nb similarities with Wragges), yet those doing it on the sly just walk away like butter wouldn't melt!!
Reported on a web site dated 16th Sept 2008:
Halliwells has promoted 38 to the partnership, reflecting the North West firm’s rapid expansion drive.
Reported on another web site dated 24th Sept 2008
40 jobs under threat in Halliwells redundancies
The latter statement is ceratinly true but can the former statement be true and reported on only eight days before ?
38 Equity Partners - NOT. They can promote all associates to salaried Partnership if they want but it won't matter a jot. Salaried Partners are just Assistant Solicitors with a title and no more. The meaure of a firm is its ability to expand its Equity Partnership. That is the true measure of how the firm is growing a developing.
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