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Farrer & Co has launched a redundancy consultation, with 12 staff, including one fee-earner, facing the axe.
It is not known which practice areas will be affected by the redundancies, which were first reported on RollonFriday, nor when the firm expects to complete the consultation.
Farrers issued a statement to the press that said: “Farrers confirms that 12 staff have been put on notice that they are at risk of redundancy. The people concerned are one fee-earner, two professional support lawyers, three secretaries and six business services staff.
“We felt it necessary to take these limited measures as part of the prudent management of the firm, to ensure it remains robust and well positioned for its continued development in 2013/14. There are no plans for further staff reductions.”
Farrers’ turnover rose by a little over 6 per cent, to £49.6m, in 2011/12, while net profit was £10.4m. Average profit per equity partner at the firm was up by 3 per cent, from £403,000 in 2010/11 to £415,000 in 2011/12.
CMS yesterday announced that it had launched a review of its UK and European business with as many as 40 of its legal, legal support and secretarial staff at risk of redundancy (15 January 2013).