Reed Smith cuts 45 lawyer jobs in restructure
International firm Reed Smith has cut 45 lawyer roles from its offices across the US, Europe and the Middle East, as it restructures the business in order to remain competitive.
The restructure of its legal and non-legal staff follows a review of its staffing model to assess how the firm could provide legal services in the ‘most efficient manner’.
Reed Smith said the restructure has reduced its global headcount of 1,650 lawyers by 2.5%, and reduced non-legal headcount by the same percentage. It did not specify how many lawyers were cut from each office.
The firm has 27 offices across US, Europe, the Middle East and Asia. Its offices in Asia were unaffected by the cuts.
The firm said that the restructure has come as the legal industry experiences a ‘fundamental shift’ in the nature of the demand for, and the delivery of, legal services in recent years.
It said that the adjustments were needed to ensure the firm remains competitive in the face of industry changes and fluctuations in market demand.
A spokesperson for Reed Smith said: ‘The decision to restructure was difficult, particularly because it impacts individuals who have made meaningful and positive contributions to our firm and our clients. We are providing them with resources, including severance pay and professional job-transition advisory support, to help them through this period.’
In its last published results, for the year ended 31 December 2014, Reed Smith posted an 11% rise in net profits to £64.9m, which it attributed to its approach to global industries.