Well over 100 staff are to lose their jobs at Berwin Leighton Paisner.

The firm issued a statement confirming that 58 lawyers and 44 secretaries were at risk after the news was first revealed by RollOnFriday on Tuesday morning. In addition, an unspecified number of business support staff are also in the firing line as the firm aims to reduce its wage bill by 15%. And it's believed that a number of partners will also be asked to leave, although the firm won't confirm that. All in all, some 10% of the firm's partners and staff could be out of a job: the firm would literally be decimated.

BLP yesterday

The news seems to result from a perfect storm of misfortune at BLP. A large number of partners have been recruited on guaranteed earnings over the past few years, with some of the lateral hires on huge packages (Alan Paul from A&O and David Barnes from Linklaters are thought to be on over £800k apiece). Business however has been tough, but partners with guarantees are of course still paid the same, leaving the rest of the firm to shoulder the burden. Dewey Leboeuf, anyone?

Insiders say that while the firm isn't in any difficulty, profits are still set to fall. Managing Partner Neville Eisenberg said "we have been in a period of integration and consolidation after a number of years of high growth and investment. The decision to review a number of roles across our London office is part of a general review of our business to ensure that we are well positioned for the future."