Trowers & Hamlins is set to reduce its workforce by approximately 25 positions within its real estate division, according to recent reports, reflecting a continuing pressure on some law firms’ difficulties in a tight market.
The decision is part of a redundancy consultation process and follows closely on the heels of the firm’s recent dismissal of 18 lawyers, including six partners, primarily from the same department.
A representative from Trowers & Hamlins explained that the move is a strategic response to adapt to evolving client needs and a general market slowdown.
The layoffs are expected to span across the firm’s four UK offices, impacting around 25 roles. The firm emphasizes its commitment to the well-being of its staff, stating that the decision was made with a heavy heart and with a focus on minimizing the impact while maintaining the firm’s long-term viability.
This news echoes a broader trend of workforce reductions in the legal sector. For instance, CMS UK recently initiated a redundancy consultation targeting its corporate practice, indicative of the ongoing global decline in deal-making activities.
Staff cutbacks are occurring in the US and well as the UK legal market, particularly among technology-centric law firms.
US biglaw firm Cooley commenced this wave of layoffs last December by announcing the termination of 150 positions, including almost 80 attorneys.
Subsequently, Goodwin Procter confirmed that around 5 percent of its legal and operational staff would be affected. Other notable firms that have followed suit include Dechert, Shearman & Sterling, Davis Wright Tremaine, and both Orricks and Reed Smith, signaling a significant shift in the legal industry’s employment landscape.
And in Australia there have been layoffs too, with Clyde & Co and MinterEllison laying off back office staff as well as other firms trimming their staff numbers.
As these changes unfold, they underscore the legal sector’s need to adapt to shifting market dynamics and client demands, impacting firms worldwide.
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