DAC Beachcroft has cut five fee earning positions after restructuring its London employment and pensions team.
The firm said three associates and two solicitors had taken voluntary redundancy after a review had identified that the London team was overstaffed at a senior level when clients evolving demands were taken into account. News of the consultation emerged last month (19 June 2013).
DAC Beachcroft said the three of the five fee-earners affected will remain in the business until the autumn to assure the handover of clients and work. On their departure, there will be 27 fee earners remaining in DAC Beachcroft’s London employment team.
A statement from the firm said: “We are very sorry that this action has been necessary and we are grateful to the whole team for their professionalism during the process. This remains a very personal issue for those involved and we will not be commenting further.”
Several firms have been reviewing headcount this year. This included Eversheds reducing 116 roles at the end of its latest redundancy consultation, which saw 166 lawyers and non-lawyers put on notice in January (24 May 2013) while Clyde and Co cut eight support staff in May (23 May 2013).
The firm’s financials announced this week, reported a fall in PEP at the end of the 2012/13 financial year from £321,000 to £284,000, while turnover increased by 14 per cent from £164.8m to £188.2m (15 July 2013).