Photo: Diego M. Radzinschi/ALMDentons UK, Middle East Revenue Drops As Firm Reviews UK Real Estate Needs
The real estate review comes just weeks after the firm announced it was closing its Aberdeen and Watford offices in favour of home-working arrangements.
July 22, 2020 at 12:13 PM
2 minute read
Dentons' revenues in the U.K. and Middle East have fallen by 4%, with the firm citing "challenging trading conditions" during the final month of the 2019/20 financial year.
Revenues for the year in the two regions fell to £221.1 million, down from £229.8 million last year.
Announcing the financial results on Wednesday, the firm also stated that it was planning to review its UK real estate footprint, including the future of its London office.
The firm added: "current market conditions together with the success of our fully virtual operation provide us with an opportunity to re-think the future of the firm's office-based environment."
The announcement comes just weeks after the firm stated that it would be closing its Aberdeen and Watford offices, with all employees set to work from home permanently as a result.
Alongside the real estate review, the firm also announced that it intends to focus on building an elite team in its Dublin office.
Earlier in the year, Dentons implemented a number of financial measures to contend with the ongoing coronavirus pandemic. The firm cut partner distributions and furloughed over a hundred staff across the U.K. and Middle East in April, and the next month implemented a four-day working week.
According to the firm, 94% of employees have signed up to the flexible reduced work patterns with a proportionate 20% reduction in salary, with the programme set to last for six months.
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