Pinsents warns of cuts
PINSENT Masons, the UK legal giant, has joined the ranks of law firms cutting jobs by laying out a seven-point plan to staff which proposes part-time work, a pay freeze and redundancies.
Managing partner David Ryan has told employees he has worked to avoid job cuts but “minimal” redundancies are going to be necessary.
He said the cuts were based on reducing the firm’s capacity to match the recession-hit economy, rather than costs. The firm also announced turnover creeped up to £215m in the last financial year compared to £213m the year before.
The one per cent rise was thanks to strong performance in outsourcing, technology, commercial work and projects, although demand for real estate and corporate work fell.
The firm is expected to announce a profit figure soon.
Ryan said the group is pleased with the results, but profits will be lower thanks to investment in Dubai, new hirings and an IT upgrade.
The seven-point plan for employees also includes sabbaticals for staff, shuffling staff between offices more regularly, cost cutting and secondments to clients of the firm.