Dundas asks staff to take unpaid leave as revenues and PEP fall
Dundas & Wilson has asked its staff to consider taking unpaid leave after the firm posted an 11.8% drop in revenues for the financial year. Turnover at the big four Scots firm fell to £66m from the previous year's figure of £74.8m, while the firm's profits per equity partner dropped by 20% from last year's figure of £385,000 to a new mark of £308,000.
July 22, 2009 at 08:04 AM
2 minute read
Dundas & Wilson has asked its staff to consider taking unpaid leave after the firm posted an 11.8% drop in revenues for the financial year.
Turnover at the big four Scots firm fell to £66m from the previous year's figure of £74.8m, while the firm's profits per equity partner dropped by 20% from last year's figure of £385,000 to a new mark of £308,000.
Dundas's London office accounted for 38% of the firm's revenues, while property turned over £16.9m and corporate bought in £14.3m.
The firm has put forward a proposal for staff to take 18 days of unpaid leave, representing a 10% pay cut for the current financial year. The all-equity partnership has already agreed to a 10% reduction in salary with no reduction in hours.
Dundas managing partner Alan Campbell (pictured) said: "The economic situation is impacting on all professional services companies. Like the rest of the legal sector, we have to balance forecast revenues with costs but we are committed to retaining talent wherever possible. This week's proposal allows us to do this and continue to offer the best possible continuous service to our clients."
Yesterday (21 July) TLT also released its financial results. with partner profits dropping by 26%, while revenue fell by 5% to £39m. PEP at the Bristol-based firm fell to £198,000 from the previous year's figure of £268,000.
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