Lawrence Graham makes 'prudent' move to cut 18 jobs
Lawrence Graham has launched a redundancy consultation aimed at cutting 18 jobs across lawyer, central services and support staff ranks.
Hugh Maule
In a statement, managing partner Hugh Maule said: “This is a very regrettable but prudent action to ensure that we align our resources with what remains a difficult market.
“We’re ensuring the firm is in the best possible shape with the right balance of lawyers and support staff to best serve our clients.
“Whilst we’re reducing headcount in some parts of our business, we’re continuing to invest strategically to grow our business both internationally and in the UK.”
The firm had a tough year in 2011/12, with turnover dropping by five per cent from £57.3m to £54.2m and average profit per equity partner going from £412,000 to £303,000.
Maule has previously placed the blame for the figures on “increased property costs”, referring in particular to the costs of its expensive More London offices (25 July 2012).
After a proposed £150m merger with Field Fisher Waterhouse fell through, sources suggested that LG’s financial situation made a deal “unattractive” to the FFW partnership (9 July 2012). LG denied that claim.
The firm refused to comment further on which areas the redundancies will be made in.
Readers' comments (2)
Anonymous | 10-Nov-2012 7:19 am
LG is clearly struggling and needs to merge. With the number of partners who are leaving it is difficult to see how they will remain relevant and making a few people redundant now is not going to help them with their massive property issues.
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Anonymous | 12-Nov-2012 12:06 pm
I would expect another wave of LG redundancies in the next few months. They are most likely trying to avoid collective consultation with the entire workforce, which is mandatory if you propose 20 or more redundancies within 90 days. Companies that need to make say, 50 redundacies will often stagger them in groups of 15 - 19 to avoid the onerous task of collective consultation which involves notifying BIS, electing employee representives etc. LG probably have a bigger number than 18 in mind but are playing the staggering game. I do not envy the trainees.
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