Insurance litigation firm BLM is to cut 50 roles among its support and secretarial staff following a consultation. The firm announced today that it had not had to make any compulsory redundancies as the required number of staff agreed to voluntary departures.
In June, it was reported that BLM had offered voluntary redundancy to all of its secretarial and direct support staff and aimed to cut 50 roles.
The firm’s financial results for 2015/16 revealed a drop in both net profit and profit per partner. Profit per equity partner (full and fixed equity) dipped to £192,000 from £265,000 the previous year, while income rose from £104.1m to £107.7m. Net profit fell to £14.8m from £18.3m.
The firm blamed a year of investment in the practice for the fall in partner profits. Results for 2016/17 have not yet been revealed.