Howard Kennedy is set to axe up to 50 jobs, including 20 fee-earning roles, as the firm seeks to stave off the full impact of the credit crunch.
As first reported on The Lawyer.com (20 June), the West End firm has opened a 30-day consultation with all staff as part of a firmwide strategic review.
Property partner Paul Springall said: “The credit crunch is upon us and we have to review our entire business to be able to adapt.”
Howard Kennedy posted a turnover of £41m for the 2006-07 financial year and an average profit per equity partner figure of £630,000 – with only 17 of the firm’s 75-member partnership being full equity partners.
The firm said it would top £41m for the 2007-08 financial year, but would need to conduct a review to propel growth in the coming year.
Head of litigation Craig Emden said: “Tough decisions need to be made now to stop potentially more losses at a later date.”