Redundancy Watch as Results Rock Nabarro Plus Falling Financials at Ashurst and Hammonds
Generally the economic message appears pretty mixed at the moment; green shoots one day, dire forecastst the next. In legal circles the results dribbling out over the last few weeks have provided some surprisingly positive notes particularly following the redundancy bloodbath earlier in the year. However, layoffs have crept back in this week as Nabarro looks to further slash headcount, reawakening that sinking feeing. Nabarro has launched a second redundancy programme set to affect 19 fee earners and business support …
Generally the economic message appears pretty mixed at the moment; green shoots one day, dire forecastst the next. In legal circles the results dribbling out over the last few weeks have provided some surprisingly positive notes particularly following the redundancy bloodbath earlier in the year. However, layoffs have crept back in this week as Nabarro looks to further slash headcount, reawakening that sinking feeing.
Nabarro has launched a second redundancy programme set to affect 19 fee earners and business support staff. Ten associates and nine other legal and business services staff are in the firing line. The news comes against a backdrop of falling revenues and falling PEP. The firm has seen a 10% drop in revenue for the 2008-09 financial year from £140.1m to £126.5m, while profits per equity partner have fallen by 35% from £574,000 to £375,000.
Meanwhile Ashurst has also seen profits PEP drop by 35% to £673,000 from a high in 2007-08 of £1.04m. The news follows Ashurst’s recent announcement of a 7% dip in revenues over the last financial year, from £323m down to £301m.
Fianlly, national firm Hammonds has announced its financial results; revenues are down 5% from £132m last year to £125.4m for 2008-09 while profits per equity partner (PEP) fell by 25% from £367,000 to £276,000.
July 9, 2009
Even though some of these firms have seen significant drops, things would get a lot worse for most if they didn’t cut out the dead wood when they had the chance.
July 9, 2009
Unless things pick up round here soon, I get the feeling there will be more lumberjacking in my neck of the woods.
July 9, 2009
What, so did some depressed partner from Ashurst decide to ape Oasis with the family people mover. Rock and roll.
July 9, 2009
lets be original, it was Brian Jones from the rolling stones who did the car in pool thing
July 9, 2009
more likley the board of Shoosmiths in that minivan
July 9, 2009
A bit off subject here but it’s a more interesting distraction from work than crappy financial results – wasn’t it Keith Moon from The Who, the car in the pool thing.