Travers cuts jobs in real estate and corporate

Travers cuts jobs in real estate and corporateTravers Smith has become the latest firm to make redundancies, shedding four associates across its real estate and corporate groups.

It is understood that the firm has also closed a small team of residential conveyance lawyers and is in the process of trying to find them alternative employment.

Travers Smith has a six-partner real estate practice, which provides around nine per cent of its revenue but has suffered from the decline in the property market.

The firm has seen its core corporate practice hit by the economic slump, with a lack of transactions leading to a fall in profits this year.

In the latest set of financial results, for the year ending July 2008, Travers’ average profit per equity partner (PEP) figure fell seven per cent to £755,000, while turnover increased slightly to £81m.

In August, the firm announced that it would be freezing pay rates for trainee and associate lawyers.

Travers Smith managing partner Chris Carroll (pictured) declined to comment on the job cuts.

DLA Piper also announced job cuts this week, with the expectation that up to 20 fee earners and 20 support staff across its UK offices will lose their jobs (2 December).