Shipping specialist Ince & Co has announced 32 redundancies in its London office in the latest wave of cuts by law firms in the City.
Ince is letting 25 business services staff and seven fee earners go, with three further roles still under consultation, including a managing associate whom Ince aims to relocate to one of its international offices.
Following the redundancies, the firm is looking to sublet 22% of its 35,000sq ft floor space in Aldgate Tower.
London office head Andrew Jameson said: ‘We recognise that that our recent restructure has been unsettling for all our people and want to thank them for their professionalism throughout the process, which was carried out in a fair and transparent manner to ensure that we have the right people, in the right place, doing the right jobs.’
Ince warned last month that between 32 and 36 roles were likely to be cut, mostly among its business services staff.
After three years of decline, in 2016/17 the firm saw revenue grow 16% to £88.5m after opening two new offices in Marseille and Cologne. In recent years it has taken several measures to improve its performance, such as restructuring its partnership and creating a bonus remuneration pool which saw the top of the equity jump from £430,000 to £550,000. The firm moved into its current premises at Aldgate Tower in 2016 and invested in new technologies to promote agile working.
Ince is also pushing into the Asia-Pacific market. Last autumn senior partner Jan Heuvels moved from London to Hong Kong in a move which the firm said was due to the region being prosperous for its transport, trade, energy and infrastructure and insurance clients. HR director Jameson was appointed to the newly drafted role of head of the London office following Heuvels’ move.
Earlier this year the firm’s chairman Paul Herring relocated to Piraeus to lead Ince’s Greek office.
Other UK firms have made similar moves to shed their City headcounts amid increasing pressure to maximise on efficiency. Last month Hogan Lovells cut 54 business services roles, moving most of them to low-cost hubs in Birmingham, Johannesburg and Louisville. In May, Ashurst announced a review that could result in the loss of 80% of its London secretarial team. Pinsent Masons warned in September that as many as 100 legal personal assistants were at risk of redundancy.
Elsewhere, CMS confirmed yesterday it is almost halving the lawyer headcount in its Reading office. The firm has cut seven of the 16 legal roles in its Berkshire base, acquired through the merger with Olswang and Nabarro last year.
Part of the firm’s real estate asset management service group, most of the associates were relocated to the firm’s Bristol and Sheffield hubs or assigned alternative roles, while one junior fee-earner was made redundant. The legacy Olswang’s former office now houses one partner and eight fee-earners.
‘We felt that it made sense strategically to have real estate asset management concentrated in these busy hubs [Bristol and Sheffield],’ said a spokesperson for the firm. ‘We remain committed to our Reading office and this decision does not impact the rest of the team based there. We have a number of partners regularly working from the Reading office who support a number of clients in the region and it remains a very important hub for the firm.’