Edinburgh-headquartered McGrigors has launched a redundancy consultation with the aim of cutting 40 jobs across its UK network of offices.
The redundancies are expected to affect fee-earners and support staff and will take place across the real estate, banking, projects and procurement, corporate, and risk advisory practice areas. The redundancy consultation, which began on Monday, is expected to conclude on 1 November.
In a statement a firm spokesperson said: “In May 2009 we announced a series of cost-saving measures which we hoped would allow us to ride out the worst of the downturn, protect jobs and safeguard the long-term health of the business in the event of an economic recovery.
“Unfortunately, over the past 12 months it has become increasingly clear that an immediate recovery is not going to emerge, and that we are instead facing a sustained period of market uncertainty – particularly while the effects of the public sector spending review become clear.
“This is not a matter which has been entered into lightly, and we do so only as a last resort. We’ve always endeavoured to do the right thing by our people and believe that everything possible has been done – such as secondments to clients or other departments, sabbaticals, flexible working, pay freezes – for as long as possible, to avoid this measure.”
McGrigors put in a fairly strong performance in the 2009-10 financial year, with turnover increasing 10 per cent to £69m.
While his meant the firm overtook Dundas & Wilson as the leading Scottish-headquartered firm by turnover (11 October 2011), the rise was the result of the McGrigors’ October 2009 merger with Belfast firm L’Estrange & Brett (28 August 2009) rather than representing underlying growth.
McGrigors last cut jobs in May 2008, when it laid off nine real estate fee-earners (30 May 2008).