Addleshaws to cut up to 40 jobs in comprehensive firm restructuring
Addleshaw Goddard is set to cut up to 40 jobs across its business services function, with the redundancies coming against a backdrop of falling revenue and profits and an overhaul of its management and operational structure. The national firm has launched a 30-day consultation with all those at risk of redundancy in its business services division. The consultation is expected to lead to up to 40 job losses. No fee earners will be affected by the cuts.
May 24, 2011 at 05:48 AM
3 minute read
Addleshaw Goddard is set to cut up to 40 jobs across its business services function, with the redundancies coming against a backdrop of falling revenue and profits and an overhaul of its management and operational structure.
The national firm has launched a 30-day consultation with all those at risk of redundancy in its business services division. The consultation is expected to lead to up to 40 job losses. No fee earners will be affected by the cuts.
The cuts come as the firm has confirmed a 3% dip in turnover for 2010-11 to £162m down from £167.5m and profit for the year of £34.4m. Working out profit based on the number of partners during the previous financial year this equates to a drop in profits of around 15% on last year, when the firm had 95 equity partners and an average profit per equity partner of £426,000.
Separately, Addleshaws is spinning off most of its non-partner services and costs into a newly-created service company, which will be a subsidiary of Addleshaws' limited liability partnership, in a bid to become more tax efficient. The firm said the move was particularly aimed at reducing exposure to the new 50% higher rate of income tax.
The structural changes come as Addleshaws moves to overhaul its management structure by merging together its governance board and executive leadership team into a single board.
In addition, the firm has also announced proposals to close its defined benefit pension scheme to further accruals later this year, as well as plans to open offices in Singapore and Dubai later this year, with both offices to focus on international arbitration.
Managing partner Paul Devitt said: "We need to make changes and improvements to take best advantage of the new environment we now operate in – one of opportunity and increased business and yet one where there is a need for greater efficiency and to deliver differently and better for our clients.
"Even allowing for current economic and market pressures, the returns we generated from the business last year were disappointing and we have a very clear strategy and vision to drive better performance this year and in future years.
He added: "We need to reduce our costs, but the focus is not simply about cost-cutting. Our business remains in a strong position and we continue to plan and invest appropriately for the future. We are confident that the full range of measures being proposed, and decisions taken around the tactics, focus and implementation of our strategy will enhance the long-term strength and competitiveness of our business."
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllDrew & Napier Class-Action Claimants Accept Omni Bridgeway Funding for $250M Claim Against Swiss Government
Hogan Lovells Paris Arbitration Partner Moves to Kennedys in International Push
2 minute readInside Travers Smith's AI Training, Development Efforts
Trending Stories
- 1Infant Formula Judge Sanctions Kirkland's Jim Hurst: 'Overtly Crossed the Lines'
- 2Abbott, Mead Johnson Win Defense Verdict Over Preemie Infant Formula
- 3Guarantees Are Back, Whether Law Firms Want to Talk About Them or Not
- 4Trump Files $10B Suit Against CBS in Amarillo Federal Court
- 5Preparing Your Law Firm for 2025: Smart Ways to Embrace AI & Other Technologies
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250