Nabarro staffing review to hit London, Sheffield” />Nabarro has become the latest in a long line of firms to start a redundancy consultation, reviewing a total of 22 jobs across its offices in London and Sheffield.
London will be the worst hit, with 10 fee-earners and seven support staff at risk of redundancy, while three fee-earners and two support staff will be affected in Sheffield. The redundancies will be in the real estate and commercial groups.
Those affected are being offered ;outplacement services, notice pay and redundancy pay, as well as additional discretionary payments.
Managing partner Nicole Paradise said: “Like everybody else we’ve been looking at the market and making sensible cost-saving decisions, but it’s become clear that the market isn’t going to rebound that quickly – so therefore we’ve had to look at redundancies.”
Paradise could not confirm whether this would be the first and last redundancy consultation at Nabarro, but said: “I very much hope so”.
The firm posted flat revenue growth for the first six months of 2008-09, bringing in £64m.
The practices that saw the most activity over the first half were restructuring and insolvency, financial services and commercial litigation, while the greatest slowdown has been in transactional work in the core real estate and corporate practices.