Addleshaw Goddard has commenced a redundancy consultation with 22 real estate lawyers in its offices around the UK.
Most City firms are doing ok in the current circumstances, with relatively few lawyer redundancies having been announced so far. The cuts at Addleshaws seem to have more to do with the UK real estate market, rather than a wider systemic issue.
"The real estate sector has been badly affected since pre the Brexit referendum. That uncertainty continued through the general election and current conditions have heavily impacted prospects for recovery," said Addleshaw Goddard Managing Partner, John Joyce. He added that demand for real estate advice has reduced in some areas, and that the firm has "over-capacity" and so needs "to make changes given the limited prospects of imminent recovery".
Real estate plans for Chipping Camden have been put on ice
"We don't have the same situation in other teams and so this exercise is confined to real estate," said Joyce. "It is a very sad situation and it is a decision which has not been taken lightly, but regrettably it is unavoidable."
DWF recently started a redundancy consultation with its PAs and business services staff. Other firms have also started slashing jobs during the pandemic, including Irwin Mitchell, Reed Smith, Dorsey & Whitney, Brethertons and Fladgate.