Ince & Co has confirmed it is to cut 10 shipping and finance fee earners and six secretarial staff following its redundancy consultation launched in February.
The business support staff were offered voluntary redundancy but the consultation with fee earners had no voluntary aspect and was expected to be quicker. All ten have now left the firm (13 February 2014).
The firms said its decision to cut overall numbers in London by less than five per cent followed an assessment of the firm’s economic performance in core sectors. A spokersperson added it was looking for volunteers to fill in for some of the lost roles.
”We’re sorry to see colleagues leaving and we will be working closely with our clients and other contacts who may be looking for high quality recruits,” the firm said in a statement.
”All our leavers will be offered outplacement support and significantly enhanced departure packages and we wish them well.”
Last year the firm’s revenue crept up by 1.7 per cent to £91.6m up from £93.2m in 2012/13. Growth has slowed at the firm compared to 2011/12 when turnover increased from £86.2m in 2010/11 to £91.6m in 2011/12 (12 July 2013).
London remains the largest fee-earning office bringing in £59m, 63 per cent of the global total. Ince & Co has expanded in Asia in recent years, opening its third Greater China office in Beijing in 2012 and adding to existing locations in Shanghai and Hong Kong (25 July 2012).
It has not taken on many laterals but recently appointed partner Hugh O’ Donovan as head of commercial aviation from Quadrant Chambers in 2014.