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McGrigors to cut 40 jobs in UK-wide redundancy round

McGrigs have had a "grow at any cost" approach for the last few years - taking L&B in Belfast, Leds office in Aberdeen, and loads of ex-Halliwells/Hammonds people in manchester. However those types of add-ons should effectively pay for themselves as they're already revenue generating (albeit possibly at slightly lower rates now in the current market). The problem for McGrigs is the same as for every other firm - less work going around, at lower rates, but with the same number of salaries to pay. Real Estate and Construction especially. There are some cracking partners and people there who bring in some significant work, but at the bottom end of their partnership (where equity is a max of c.£150,000) to be honest they're not really any better/worse than anyone else, in that they'll feel the pinch of market conditions like everyone else. What firm HASN'T made redundancies in the last 2 years?

21-Oct-2010

3:47 pm