Real estate roles
Trowers & Hamlins has entered a redundancy consultation within its UK offices.
The layoffs will affect 25 lawyers in total, including some partners, across the firm’s real estate and real estate finance teams.
The cuts come in response to a downturn in certain markets, with the real estate sector seeing a particularly significant dip in 2023.
A firm spokesperson said:
“In light of challenging market conditions, and a marked change in demand for some of the legal services we offer, earlier in 2023 we undertook a review of our service offering. It is always important that, as a firm, we remain highly competitive and able to give our clients the best service possible.”
They continued: “Unfortunately, it was necessary to reduce our staff numbers to align with the slowdown in some markets. The affected colleagues worked predominantly in the real estate department. We continue to offer those affected full support as they transition out of the firm and we are helping them with preparations for finding a new role elsewhere. Trowers remains a firm committed to its people and its clients.”
Over the last year, the London headquartered firm has boosted their NQ salaries to £80,000 for their City contingent, and £60,000 for those in the regions. The Legal Cheek Firms Most List 2024 shows it takes on around 28 trainees a year across their four UK offices.
Trowers join CMS, Orrick, and Reed Smith, all of which have cut roles in recent months on account of uncertain and fluctuating market conditions.