Herbert Smith announced today it has begun a redundancy consultation at its London HQ, targeting 84 positions.
The redundancies target 24 fee earners and professional support lawyers in the corporate practice; 9 fee earners and PSLs in real estate; nine paralegals and 42 support staff.
Herbert Smith also announced that it is freezing pay for all London staff except trainees, whose salaries will be cut to £60,000 ($87,000) in September.
Some bonuses will be paid to support staff and fee earners.
Herbert Smith was founded in the City of London in 1882 by Norman Herbert Smith, and today has 230 partners and 1,200 fee-earners. It is widely considered to be the UK’s leading litigation practice.