Eversheds to cull 166 jobs across the UK and Asia as new strategy takes hold

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  • I think this is just the start of another wave of big scale redundancies in big international firms. 2009 all over again!

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  • Impeccable timing with The Lawyer's front page feature this week. Maybe Bryan is reaching for a clutch of P45s in the picture?

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  • Not about cats, didn't read.

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  • seems in line with the rest of the industry

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  • I heard good package though !!!

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  • Most of the people I talk to in law firms (senior and junior) seem upbeat about their firms and business generally, certainly when compared to the last few years. This seems to be at odds with all these redundancy stories. Why the disconnect?

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  • A difficult day at Eversheds, however in the long run this will make the firm stronger.

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  • This latest batch of redundancies sits very uncomfortably with the fact that PEP increased by over 10% (£50k) just a few months ago. Eversheds are clearly not struggling and this latest move seems yet another stunt to line the pockets of those who already earn unjustified amounts for the actual amount of work they do!

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  • @1:20pm
    Easy, the people you are talking to are focused on chargeable hours/workload. Redundancy decisions are being made by people focused on profit. There’s a lot of downward fee pressure and just because people are busy, it doesn’t mean that the income reflects that to a level satisfactory to the equity partners calling the shots.

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  • The interview with Hughes earlier this week mentions PEP was up last financial year and profits per lawyer have doubled since 2004. So this frankly smacks of pure greed and protectionism of partner's profits at the expense of the rest of the firm.

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  • Talk of morale returning to 'normal' is probably just that; talk. When a business makes staff redundant 4 times in as many years you have to start to question the management and planning skills of those at the top. One rather unfortunate conclusion is that 'management' consider personnel as just another component on the production line to be turned on or off (hired/fired) at will. Not clever; 2 out of 10 Mr Ranson.

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  • To Anonymous | 24-Jan-2013 1:20 pm - good question!
    To Anonymous | 24-Jan-2013 2:42 pm - hello Evershed's PR department! Poor effort though as obvious cliche with no real meaning or insight into the situation.

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  • To Anonymous, 24 Jan 2013, 2:42 pm.
    So, I understand from what you said that if they fire all fee-earners, the firm will be even more stronger? Tell me more please.

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  • Only 2 weeks ago, this company was celebrating record turnover & profits with champagne to staff. A greedy bunch of mercenaries.

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  • A further 166, after cutting 735 staff in 2008/09 and 75 staff in 2011. That's shocking!

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  • High profit over a few months doesn't mean things look good long term, However using that high profit to give the fairly substantial redundancy packages is fairly honourable. Cutting employees does after all mean higher workload for those left!

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  • There is an argument to be made that the Firm put its staff first three years ago when it should have made cuts in much larger numbers. Unfortunately, if the Return on Investment in the London office is not increasing, then further cuts need to be made to bring it in line with what they maybe needed to do back then.

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  • Unfortunately we are in a world recession and although redundancies are never welcome be thankful that you are getting more than the basic redundancy package - I assume that you did read your contract when you started ? Stop moaning and grow a pair ! The NHS has to make saving of 20 billion by 2015 and the RCN has identified over 60,000 nursing posts which are being cut. Put these problems into perspective no one will actually die if a lawyer doesn't work but someone may if a doctor or nurse doesn't. Put your energy into something more important for goodness sake.

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  • Sad but sensible. Real estate will be in the doldrums for another 4 years

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  • I hear that the redundancy is double the statutory minimum - while better than before, still not much recompense to those fee earners whose earnings are going to be well above the statutory weekly cap.

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  • "When a business makes staff redundant 4 times in as many years you have to start to question the management and planning skills of those at the top"
    The above quote from the previous poster is spot on. This smacks of poor planning, poor decision making and not knowing if you are coming or going.

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  • In 166 cases it appears to be "going", I'm afraid.

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  • You would need a crystal ball on steroids to predict anything in the current economic climate.

    You could make a fortune selling it to every other firm in the same position though.

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  • I hope they're eschewing pudding this time.

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