Cobbetts to cut 40 jobs
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Cobbetts is to axe up to 40 fee-earners in response to the worsening economic climate.
The news comes just weeks after the firm announced that six lawyers were being made redundant in the domestic conveyancing and professional support departments.
Managing partner Michael Shaw said the job losses were the result of firm-wide review of services.
The exact number of redundancies and the practice groups affected will be decided after a consultation with staff.
Shaw said: “While this has been a very difficult decision for the firm, it is an essential move in response to our changing economy.
"Flexibility is key for those firms intending to preserve their business in the coming months, until we begin to see economic recovery.”
The firm confirmed that the job losses would be in Birmingham, Leeds and Manchester.
More than five per cent of the 740 jobs at Cobbetts are under threat as a result of the consultation.
More than 440 law firm employees have been axed since the start of the credit crunch last year.
ASB Law, Bevan Brittan, Challinors, Dickinson Dees, Eversheds and Howard Kennedy have all made more than 30 redundancies each.
Readers' comments (3)
Not Hopeful | 1-Oct-2008 6:22 pm
Over-Exposed?
One wonders if a lawfirm, having moved into new premises in three cities in the past three years, has much by way of cash reserves to see it through such a severe downturn as this.
I did think Manchester would miss the worst of the real estate crisis because the major projects - such as media city - remain on track. I guess not.
I wonder if we'll see any predators cherry-picking teams?
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Fred Barker | 6-Oct-2008 7:45 am
You Ain't Seen Anything Yet
Cobbetts are being open and honest which is their style. I wonder how many firms are bleeding and are quietly letting people go, transferring people out, slashing recruitment plans.
The worst is yet to come and no current management team have been through a severe recession in legal services as the last one was over 17 years ago.
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John M. Wright | 9-Oct-2008 11:23 am
Law firm redundancies
Look on the bright side. The BBC (30.09.08) reported that Tesco is creating 350 new jobs. Arguably, refilling supermarket shelves is a more useful economic activity than shuffling paper around in a legal office.
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