Wragges to cut 85 more jobs as a result of turnover slump
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Wragge & Co has launched a second redundancy consultation after its turnover dropped 17 per cent in the 2008-09 financial year.
The firm generated revenues of £104.3m over the 12-month period, down from £125.6m the previous year. As a result it has launched a redundancy consultation with up to 85 jobs affected, including fee-earners, support staff and secretaries.
In a statement the firm said that cost-saving measures including four-day weeks, sabbaticals, unpaid leave, job sharing, extended maternity or paternity leave, career breaks and secondments have already been proposed. The firm has also frozen salaries across the board.
The firm cut 24 jobs last autumn (11 December 2008). At the time senior partner Quentin Poole (pictured) said that the first consultation was not part of a cost-cutting initiative, arguing that it was driven by a need to keep lawyers busy in a quieter market.
Addleshaw Goddard (18 May 2009) and Berwin Leighton Paisner (5 May 2009) are also both conducting redundancy consultations with 85 jobs expected to be cut in both cases.
