Baker McKenzie Cuts Further London Positions Amid Ongoing Review
The global firm continues to review its back office functions across its offices.
September 13, 2019 at 07:17 AM
3 minute read
Baker McKenzie has cut more positions across its London-based professional and business services (PBS) teams, as it continues to review its back-office functions.
The international firm has cut six more positions since its initial round of cuts earlier this summer.
The cuts follow a consultation that kicked off last year as part of a three-year assessment of Bakers' global PBS capabilities.
A total of 97 positions were initially identified as at-risk and placed under review by the firm, with 18 people now having resigned in total as a result. In all, 21 layoffs have now been made, while another 33 positions have been scrapped, with the people in those positions moving to different roles at the firm, people at Bakers confirmed.
An additional person has resigned since the last round of decisions were made in June.
Some 24 positions remain at risk and are currently under review. The positions affected are spread across the firm's human resources, finance, business development, marketing and communications, and knowledge management teams.
The firm said in a statement: "The ongoing review in London is part of the firm's three-year global reorganisation of our professional business services functions, which includes the creation of new roles, growth in our service centres and investments in new technologies and new services.
"We are grateful to our people in London and globally for their engagement, professionalism and patience throughout this process to date. We continue to work with those still in roles at risk and, in cases where suitable alternative roles are unavailable, [we] will offer an enhanced redundancy package."
The international firm launched the review of its PBS function across the globe last September, as part of a wider drive to improve its efficiency and profitability.
Following a determined strategy drive in recent years, Baker McKenzie posted solid increases in revenues and profitability in its 2018 fiscal year, with gains driven by an uptick in cross-border dealmaking.
For the fiscal year ending June 2018, the firm increased revenue by 8.6% to $2.9 billion. Profits per equity partner, meanwhile, grew 11%, from $1.3 million to $1.44 million.
Earlier this week, Legal Week revealed the three partners who are currently contending to be the firm's global chair.
The successful candidate will succeed Paul Rawlinson, who passed away earlier this year.
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