Fasken Martineau is in the midst of an internal consultation that could see it cut 70 positions from its London office to “refocus” its operation in the UK.

Sources close to the firm said the 70 proposed exits could include as many as 20 partners. Its London partner numbers currently stand at 22, according to its website.

The move will see it focus on the energy and natural resources sector, said a spokesperson.

Sources also said London managing partner Gary Howes could have resigned from his post earlier this week, though this has not been confirmed.

Fasken’s UK audited accounts show revenue has dropped recently. Filings for the 2013/14 financial year put turnover at £16m with profit of £5.9m, down from £17.5m and £7.2m the year previously. The firm had 30 partners, 37 associates and 40 support staff in London at the end of the 2014 financial year.

Firmwide managing partner Peter Feldberg said in a statement to The Lawyer: “We are strongly committed to the continued success of our international clients. This refocusing is consistent with that commitment.

“As a result the law firm is undertaking consultations concerning up to 70 position that may be affected by the restructuring.”

The 770-lawyer firm, headquartered in Canada, advises clients in the energy, mining and infrastructure sectors, as well as life sciences and banking and finance transactions.

Fasken Martineau merged with London-based life science firm Stringer Saul in 2006 creating a £110.7m firm with offices in the City, Canada, New York and Johannesburg. It was the first merger of a full-service Canadian and UK law firm. 

The majority of its London office is understood to be legacy Stringer Saul partners.

The attraction of the Alternative Investment Market (AIM) was said to be a prime driver in the deal. In August 2013, Fasken Martineau had a total of 32 AIM clients coming fifth in Adviser Ranking rankings. Most recently the firm’s number of AIM clients had dropped to 29, with the firm ranking in tenth position. 

Outside of London, the firm entered an alliance with Simmons & Simmons in South Africa, after Fasken Martineau merged with Johannesburg-based Bell Dewar in February 2013.