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Dickinson Dees has begun redundancy talks with three of the four departments in its volume business.
A total of around 165 staff, including around nine qualified solicitors, are employed by volume arm ‘d3,' which deals in remortgage, conveyancing, repossession and loss recovery and Home Information Packs (HIPs).
It is understood that the ‘repossessions and loss recovery’ team, which numbers 39, is the only team that has not entered redundancy talks, but the firm aims to reduce its headcount by around 70.
Dickinson Dees declined to comment, but released a statement which said that the decision was made after a “review of the division’s financial results and the effect of the worldwide downturn in the financial markets on the UK residential property market”.
The consultation process is expected to finish by the end of August.
Last year, the firm’s volume business made 17 staff redundant against a background of a decline in the fortunes of its biggest client Northern Rock, as reported by The Lawyer (26 November 2007).
At the time the firm also said it would hive off the volume business, but the plans were shelved as the economic climate worsened.
Instead, the volume business was rebranded as d3, though it still operates as part of the Dickinson Dees partnership.