Lawrence Graham has launched a redundancy consultation aimed at cutting 18 jobs across lawyer, central services and support staff ranks.
In a statement, managing partner Hugh Maule said: “This is a very regrettable but prudent action to ensure that we align our resources with what remains a difficult market.
“We’re ensuring the firm is in the best possible shape with the right balance of lawyers and support staff to best serve our clients.
“Whilst we’re reducing headcount in some parts of our business, we’re continuing to invest strategically to grow our business both internationally and in the UK.”
The firm had a tough year in 2011/12, with turnover dropping by five per cent from £57.3m to £54.2m and average profit per equity partner going from £412,000 to £303,000.
Maule has previously placed the blame for the figures on “increased property costs”, referring in particular to the costs of its expensive More London offices (25 July 2012).
After a proposed £150m merger with Field Fisher Waterhouse fell through, sources suggested that LG’s financial situation made a deal “unattractive” to the FFW partnership (9 July 2012). LG denied that claim.
The firm refused to comment further on which areas the redundancies will be made in.