Thomas Eggar in redundancy talks with 20 staff” class=”inline_image inline_image_left” src=”/pictures/web/images/13523_london.gif” />South East firm Thomas Eggar is in redundancy consultations with up to 20 staff, including around 10 lawyers, across its commercial real estate practice.
All-fee earners in the department, including partners, are understood to be under review.
The consultation process will conclude this Monday (15 September).
The redundancies are understood to be a consequence of a sharp downturn in the property market, expected to result in a 30 per cent drop in property work for the firm.
The firm declined to comment.
There are 164 qualified lawyers currently at Thomas Eggar and the firm posted a turnover of £35.6m in 2007-08, up from £34.2m in the previous year.
Average profits per equity partner increased only slightly from £305,000 to £314,000.
Earlier this year Thomas Eggar moved into Southampton and has been moving lawyers across to the new office in an aim to build its office there heavily (as reported by The Lawyer12 May) and late last year Thomas Eggar took over the Newbury office of Penningtons (as reported on TheLawyer.com23 November 2007).