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Herbert Smith has completed its redundancy consultation in London, with all lawyers and staff affected taking voluntary redundancy.
The firm today announced that 43.5 full-time equivalent jobs would be cut in London following the consultation. When the firm first announced it was making redundancies in April (30 April 2012) it said that up to 51 jobs were at risk – including 23 fee-earners in corporate and five in real estate – but internal moves and resignations meant it could make fewer cuts.
According to Herbert Smith, all affected fee-earners and staff took voluntary redundancy - which also happened when the firm made 84 redundancies in 2009 (1 June 2009) - and will begin to leave later this month.
Redundancy payments were based on 3.5 weeks’ pay per year of service. A spokesperson for the firm said: “The package reflects the terms offered in 2009. However, we’ve capped the total payment at a higher point this time.”
A firm spokesperson added that managing partner David Willis had sent round an internal note thanking “staff working in affected areas for their professionalism, in what he acknowledged had been an unsettling period for them. He also thanked employee representatives for their positive contribution and their commitment to ensuring affected staff were fairly represented during the process.”
In May, Herbert Smith announced that it was making five support staff redundant in Dubai in a bid to align the number of back office workers in the office with the number of fee-earners (22 May 2012).