Magic circle firm Linklaters will cut between 100 and 120 lawyers and 130 to 150 business services employees as it enters into a redundancy consultation with all UK staff.

In a statement today (29 January), Simon Davies, Linklaters managing partner, said: ‘There have been significant changes in the financial markets and the wider economy. This has affected the clients we serve.

‘We are acting now to reduce our headcount in order to meet anticipated demand. It is vital that the firm is in the best shape to meet the challenges which lie ahead. This action is taken reluctantly and after a great deal of careful thought.’

Linklaters employs more than 500 partners and 3,000 fee-earners, but the firm did not disclose how many partners would be party to the consultation. Linklaters said trainees will not be affected by the cuts.