It has avoided making job cuts so far as a direct result of the downturn, leveraging off the uneven landscape of its booming employment, professional risks and insurance practices (see details), versus its slow-growing property, marine or corporate teams.
Six support staff have been redeployed to busier areas so far. And it has reduced headcount among fee-earners in real estate by not replacing those that have left the firm.
The management line is that wielding the axe in the short-term is not worth it, because the firm won’t be able to service its clients when things come back.
Or maybe that’s wielding the axe on certain jobs.
As the firm examines any excess expenditure at the critical half year level, The Lawyer understands that heads of departments will be looking at jobs that are “nice to have”.
Job cuts may not happen, but in these uncertain times its further evidence that there’s no such thing as a safe job.