City firm Berwin Leighton Paisner has confirmed it has put more than 100 London-based staff at risk of redundancy.
The firm today announced it will consult on a redundancy programme affecting 58 legal staff and 44 secretarial workers. The firm aims to reduce salary costs by around 15%.
Neville Eisenberg, managing partner, said: ‘As announced last year, we have been in a period of integration and consolidation after a number of years of high growth and investment.
‘The decision to review a number of roles across our London office is part of a general review of our business to ensure that we are well positioned for the future.’
BLP clams to be a key adviser for financial institutions, numbering 12 major banks and more than 50 other Global Fortune 500 or FTSE 100 companies on its client list.
The firm has 221 partners and 660 other lawyers, consultants and paralegals. As well as its London office it has bases in nine other locations in Europe, east Asia, and the Middle East.
According to the financial results for 2011/12, published in January, the firm suffered a year-on-year fall in operating profit from £84.2m to £81m. This was despite improving fee income by 8% to £245.9m. A £12m increase in staff costs accounted for the biggest increase in expenses.
During 2011/12, the firm’s net debt increased from £168,000 to £14.78m. Staff numbers rose from 1,158 in 2011 to 1,326 in 2012, which included a 13% increase in legal staff members.
At 30 April 2012 there were 190 members sharing profits, with the highest-paid member allocated £1.6m.