Addleshaw Goddard is set to cut up to 24 fee earners as the firm announces that partner profits for 2011-12 have risen by 37% to £450,000.

The firm said the redundancy round is intended to rebalance a "top-heavy fee earner structure", as low natural attrition has seen the number of senior fee earners climb disproportionately while overall lawyer headcount has fallen.

The job cuts announcement comes as the firm's 2011-12 financial results show turnover is up 5% to £170m, while profits rose from £34.4m to £44.9m, meaning profits per equity partner rose by 37% from £328,000 to £450,000.

Litigation and commercial services were cited as stand-out performing sector groups, with revenues rising 9% and 7% respectively.

Managing partner Paul Devitt (pictured) commented: "Whilst our business is in a strong position, we are determined not to be complacent. Particularly, our fee earner resources need to be a better fit for our business in order to support our long-term strength and competitiveness. 

"In common with other businesses, natural attrition in our firm – especially amongst senior fee earners – has fallen in recent years. We have therefore taken the difficult decision, having so far avoided a fee earner redundancy programme, to rebalance the shape and size of our front-line fee earner resource by reducing the number of non-partner fee earners."

The redundancy round kicked off today (21 June) and is expected to conclude in the next few weeks. The firm, which recently open its first overseas office in Singapore, will continue to recruit at trainee and fee earner level where appropriate.

Addleshaws is the latest in a line of UK firms to announce strategic job cuts, with Herbert Smith recently cutting 43.5 full-time equivalent roles in London after concluding a redundancy consultation which began earlier this year, while Shoosmiths is set to make up to 93 job cuts in a restructuring of the firm's consumer legal services arm.

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