Denton Wilde Sapte has launched a redundancy consultation, which could see up to 80 members of staff lose their jobs.
Jobs are under review in all fee-earning departments except competition, tax and TMT, across both London and Milton Keynes.
The marketing, accounts, facilities and compliance functions will not be affected.
It is not known whether the insolvency and restructuring team, which has recently experienced increased workloads, will be included, as it crosses over both banking and dispute resolution departments.
Chief executive Howard Morris (pictured) said: "This decision was taken after Christmas. Since mid-October every firm has experienced a sudden and dramatic shift in its market place. We wanted to see how things would be for January and it wasn't clear until now."
International offices are not included in this specific consultation, Morris said.
"International offices are all in different markets and will have to take appropriate responses in accordance with market conditions," he said. "It's up to the managing partner of each office and region to monitor performance. Structural changes mean we may need to consider cost reductions [before looking at headcount reductions]."
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