The end of last week saw yet more redundancies as the credit crunch showed no real signs of abating in the near future…

Having made cuts back in November 2007, Olswang has now launched a second redundancy consultation in which it proposes to cut 45 jobs. UK partners, fee earners and support staff face the axe with up to 8 per cent likely to be chopped. A staff consultation group will look at ways to reduce job losses including possible unpaid leave, reduced working hours or reduced working weeks. It is understood that the redundancy package will exceed statutory retirements.

Meanwhile City firm, Charles Russell, has also started a formal redundancy programme. The numbers involved have not yet been disclosed as discussions are ongoing. However, following the growing trend that has recently emerged amongst law firms, Charles Russell has also offered to introduce the option of a four-day working week, with reduced salary, in a bid to lower the numbers affected and avoid excessive blood-letting.