As Bristol-based TLT yesterday posted a double-digit hike in turnover and announced a dual hire to launch an office in Manchester, in contrasting fortunes Glasgow-based Maclay Murray & Spens became the latest UK firm to announce a redundancy consultation in a move that could affect up to 30 roles.
TLT’s turnover rose 10 per cent from £44.5m to £49m during the last financial year, a figure which means the firm’s financials have increased steadily year-on-year for over a decade. The news comes as the firm has also hired former DLA Piper technology partner Stuart Campbell and Pinsent Masons legal director Emma Flower to launch its Manchester office this summer in Spinningfields. Campbell is a commercial lawyer specialising in IP and technology for retail and financial services client while Flower has 16 years’ experience of heavyweight commercial disputes including supply chain cases, commercial agency claims, partnership issues and shareholder disputes.
The Manchester office will be the firm’s seventh after Bristol, Edinburgh, Glasgow, Northern Ireland, Piraeus and London and will initially focus on commercial litigation, IP litigation and commercial contracts work. The firm has plans to make six further hires for the launch and will grow to comprise 20 to 30 people, targeting an income of £3m to £5m within 18 months.
TLT managing partner David Pester said: ‘We already service a national client base from our existing offices but a number of our major financial services and retail clients who are based in the north of England have said they want us to have a physical presence near to them. A presence in Manchester makes commercial sense. There’s been huge change in the legal market in Manchester and with change comes opportunity.’
Elsewhere, Scottish firm Maclay Murray & Spens has announced it is consulting with legal and support staff with a view to making up to 30 redundancies.
Fee-earners in the Edinburgh, Glasgow and London offices across a range of practice areas, particularly property and corporate, are expected to be affected.
In a statement Chris Smylie, chief executive of Maclay Murray, said: ‘The last few years have not only been difficult in economic terms but have also been a period of extraordinary change for the legal profession. Our focus on developing profitable areas and opportunities for future growth remains a key priority.
‘Whilst we very much regret having to propose these redundancies, they are a necessary part of the implementation phase of our recent strategic review and will ensure the firm is better positioned to meet the challenges of the new legal market.
‘We will work closely with those affected, who will be offered an enhanced redundancy package and outplacement support.’
Numerous leading UK firms have already announced and in some cases concluded redundancy consultations this year, including Eversheds, Berwin Leighton Paisner, Osborne Clarke and DWF, which today announced a staggering 84% increase in turnover to £188m.