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Lovells’ management has pushed through a major redundancy programme which will see as many as 25 partners leave the partnership completely, with more de-equitised or taking early retirement.
Some of the 25 will be volutantary departures, but the overall review is expected to affect up to 35 partners globally.
Other partners will be given warnings that they must improve their performance to remain in the partnership.
All areas of the Lovells network will be hit and The Lawyer is aware of redunancies in London, Germany, France, Amsterdam and Asia.
Co-managing partner Lesley MacDonagh and department heads kicked off the review some months ago, but the details were finalised by MacDonagh, with her replacement David Harris and senior partner John Young, just last week. The partners were told last Friday (17 December).
The cull is unlikely to feed through to the bottom line in this financial year when Lovells is facing a drop in profits of up to 20 per cent. However, it is expected that it will have a significant impact in the next financial year.