Kimbells to cut 11 jobs as credit crunch bites

Milton Keynes firm Kimbells is the latest firm to feel the impact of the credit crunch with up to 11 jobs facing the axe.

A redundancy consultation is underway and, while no fee-earners are expected to leave the firm, at least two paralegals will lose their jobs.

Kimbells managing partner Peter Holden said: “The position is that the downturn in the economy and the credit crunch has led us to reshape our business.

“No solicitors are affected and our plans for the future are not changing.”

Holden said that a number of departments would be affected, with two of the redundancies occurring in commercial property. He declined to confirm which other departments would be affected.

It is understood that staff were told several weeks ago that no redundancies would be made.

Kimbells has been going through turbulent times after founding and managing partner Stephen Kimbell retired in April 2007. The firm has experienced a string of high-profile departures, including the loss of its head of corporate, its head of property and an employment partner in late 2007.

But the firm has also hired lateral replacements, such as Andrew Davidson from Bevan Brittan to head employment and Riaz Bowmer from Matthew Arnold & Baldwin to head the commercial, IT and IP team.

“We have completely repositioned our firm in last 12 months,” explained Holden.

Kimbells still has a strong and respected drinks, hospitality and leisure practice, which makes up around 60 per cent of the firm’s business. A source close to the firm said that practice has a “client list to die for”.