The cuts affect newly qualifieds through to those above four years post-qualification experience. Partners have not yet been affected.
Exact numbers are not yet confirmed, as the firm is looking to re-deploy some of the lawyers in other departments.
An email was sent to the partnership last Thursday confirming that the firm was undertaking a review of numbers at the moment. Although the corporate department is the first to face redundancies, other areas are also being closely monitored.
A spokesperson said that there was no specific time frame for the review to be completed. “The cuts come as part of the firm’s ongoing headcount management, rather than a special one-off review,” she said.
The move comes after the firm last week announced that it was cutting newly-qualifieds’ pay from £50,000 to £48,000.
Magic circle rival Linklaters has also reduced headcount this year, up to and including partner level.