SJ Berwin to reshape partnership in response to 'challenging market'
SJ Berwin is set to ask a proportion of its partners to leave in a restructuring aimed at streamlining the City firm.
The firm is understood to be cutting a small number of partners, with the process following similar partnership restructurings by City firms including Herbert Smith and Linklaters.
The rejig is understood to be partly focused on non-core practice areas where it is thought to consider itself overstaffed at partner level.
The firm has roughly 150 partners globally, including around 90 in London. Roughly 80 are in the equity partnership, including around 50 in the City,
An SJ Berwin spokesperson said: “As with all law firms, we actively manage the partnership. This is an ongoing process to ensure that the size and structure of the organisation best meets the needs of what continues to be a challenging market.”
The move comes after Linklaters carried out a restructuring late last year in which around 10 per cent of its partnership were affected (8 December 2011). Herbert Smith last year also went through a restructuring that involved roughly 15 de-equitisations (12 December 2011), while Allen & Overy last year returned to managing around 1 to 3 per cent of its equity partnership after two years of not doing so (28 November 2011).
SJ Berwin’s turnover was roughly static in 2011-12 compared with 2010-11, with average profit per equity partner up 1 per cent (20 June 2012).
Readers' comments (9)
Anon | 25-Sep-2012 4:21 pm
The number of stealth redundancies happening across a large number of City firms is now proportionately as big if not bigger as in 2008/09.
And the downturn hasn't even hit yet, this is just the start. It's going to be carnage.
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Dayglo Dave | 25-Sep-2012 4:35 pm
@Anon 25 Sep 4:21pm
Are you the doomster who keeps posting apocalypic comments from time to time? On what basis do you predict a "downturn"? I'm not saying you are wrong. Just curious.
My advice to you is to run to the hills and arm yourself to the teeth.
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Anonymous | 25-Sep-2012 4:58 pm
Whilst we are in a Double Dip it's not all Doom and Gloom, their is a lot more optimism in the market aided by foreign investment and the bullish SME market. Yes we are not out of the woods yet but not sure if we need to run to the hills just yet either!
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Radar | 25-Sep-2012 5:17 pm
With half the country under three feet of water, I doubt you will even make it to the hills.
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Anonymous | 25-Sep-2012 6:01 pm
Disagree that we are in a double dip recession. That implies that there was a small recovery in the middle....
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Anonymous | 26-Sep-2012 7:30 am
this will make the hills come to you. :-)
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Marine Boy | 26-Sep-2012 9:28 am
Let's all paddle to the hills, armed to the life belts...
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john | 26-Sep-2012 9:38 am
I think you mean "there is a lot more optimism"
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Anonymous | 26-Sep-2012 5:02 pm
Is "reshape" the new name for "restructure" which was the new name for "redundancy"?
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