HowardKennedyFsi has launched a redundancy consultation round, with seven fee earner roles across its real estate, corporate and employment departments at risk.
The redundancy announcement follows a period of integration between Howard Kennedy and Finers Stephens Innocent, which merged to form HowardkennedyFsi in February 2013 (4 February 2013).
The firm said it had launched the consultation following a review of the merged firm’s business needs.
Chief executive Mark Dembovsky said in a statement: “On a personal level, the management committee and I will be extremely sad if we have to lose lawyers in this process. Along with every other law firm we need to re-evaluate the way in which we do business and to look at opportunities for growth and succession planning within the firm to build a stable future.”
This is the firm’s first redundancy round post merger. However, in November last year, Howard Kennedy put 10 support staff on redundancy consultation ahead of its planned merger with Finers Stephens Innocent (FSI) (22 November 2012), with nine roles being cut eventually.
In July, the merged firm reported a 52 per cent drop in its average profit per equity partner (PEP) to £128,092 (24 July 2013). One of the main reasons for the plummeting PEP was the significant expansion of the firm’s equity partner ranks, as salaried partners were invited to join the combined equity pool during the integration process.