Eversheds has launched its third redundancy consultation in a year, with up to 10 lawyers in its real estate team facing the axe.
The consultation comes as Eversheds also joins the raft of firms announcing plans to defer trainee start dates for the coming year.
The firm announced today (16 April) that up to 10 London real estate lawyers are facing redundancy as a result of the poor market conditions, although this figure could be reduced as the firm is attempting to find those affected alternative roles within the business.
The firm has already launched two previous redundancy consultations - with 73 lawyers losing their jobs as a result.
The first redundancy consultation, which was launched in September, put 33 real estate fee earners and a number of support staff at risk, while a November review consulted on up to 45 fee earner positions as well as a number of support jobs.
Eversheds chief executive David Gray (pictured) said: "The real estate market has been particularly badly hit as a result of the current economic climate and whilst this news is disappointing, we have acted to secure the long-term sustainable health of our real estate team which remains one of the largest and strongest in Europe."
Separately, the firm is hoping to defer 31 out of 73 trainees set to join over the next year. The new starters, due to join in September 2009 or March 2010, have been offered a £5,000 cash incentive to defer for 12 months. In a move differentiating the firm from its rivals, Eversheds is also offering an alternative 12-month contract as a paid paralegal with the firm.
Gray added: "We realise that deferring trainee contracts could be unsettling for those affected. However, no firm has been immune to the difficult market conditions and while today's news is regrettable we would ask our graduates to understand that we have had to act in the commercial interests of the firm as a whole."
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