Field Fisher latest to launch real estate redundancy talks

Field Fisher latest to launch real estate redundancy talksField Fisher Waterhouse (FFW) has entered redundancy consultations with fee-earners and other staff in its London real estate department.

It is understood that up to 15 lawyers could be going through the consultation process.

FFW head of real estate Paul Houston said: “We can confirm that in response to current market conditions the firm is beginning a consultation on a redundancy programme that will affect several fee earners in our real estate department.”

He added: “This is of course regrettable, however we need to take tough decisions and refocus our real estate practice to respond to the effects of the credit crunch.”

Real estate is based primarily in FFW’s London office and makes up around 15 per cent of global revenues with 14 partners.

Houston said that the firm would continue to invest in its real estate capability, in particular in areas such as property and planning litigation where he saw “potential for growth in these difficult times”.

FFW broke through its three-year turnover target, posting a 30 per cent revenue hike to hit £88m. (as reported 19 May)

Profit at the firm has also rocketed, to average profits per equity partner (PEP) upwards of £750,000 mark, representing a 27 per cent rise on last year’s PEP.

Only last week several firms announced they would have to make redundancies: Cadwalader across its global offices (31 July), Cobbetts in real estate (1 August) and DLA Piper in its London technology, media and telecommunications team (1 August ).