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Mishcon de Reya has become the latest firm to launch redundancy talks with staff.
The Holborn-based firm said it is carrying out a root and branch review of the business and that “discussions are being held with regard to the changing market conditions”.
A statement from the firm added: “As part of this review some positions have regrettably been identified as being at risk of redundancy. Individuals have been informed that their positions are at risk and there will be a consultation process over the next two weeks to minimise the need to confirm redundancies."
In July, Mishcon managing partner Kevin Gold (pictured) told The Lawyer that the partnership had planned to invest heavily in the firm after breaching the £700,000 average profit per equity partner (PEP) barrier at the 2007-08 year end to post a PEP of £710,000 (The Lawyer, 28 July).
It is understood the firm has seen a significant drop off in its private equity work, although the litigation practice has benefited from the economic downturn.
Mishcon’s flagship family practice, which is headed by partner Sandra Davis, is also believed to have seen an upsurge in instructions as a result of the economic crisis.