Beleaguered Slater & Gordon is understood to be making dozens of its UK lawyers redundant.
A source told RollOnFriday that Slater and Gordon's new hedge fund owners (led by New York based hedgie Anchorage Capital) is "divesting what's left" of its 'Business Legal Services'. According to the firm's online listings, that comprises 42 lawyers. And the hedge fund overlords are acting swiftly. RollOnFriday's source said that "changes are to take place by the end of September" with "BLM providing lifeboats". Although if that's the case, some of those lifeboats may be riddled with holes.
When contacted about its investment divestment, a Slaters spokeswoman said, "as part of a wider strategic review of the services we offer we are looking at the best way forward for our Business Legal Services team". Which as far as RollOnFriday knows means getting them out of the door, a conclusion the firm did not deny. The coy spokeswoman added,"we are looking at a range of options and will announce any decisions we make to our colleagues and clients in the first instance".
If the poor business legal services team is made redundant, a sizeable legal offering from the firm will disappear. S&G's website currently boasts that the team advises on a wide range of issues including employment, disputes, professional conduct issues, commercial property and regulatory compliance and defence. Which sounds like a lot. And comprises dozens of lawyers.
The hedge funds could be forgiven for trying to shake things up given the less than positive circumstances in which they took over the firm. But axing lawyers on the ground is a grim way to go about it.
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A source told RollOnFriday that Slater and Gordon's new hedge fund owners (led by New York based hedgie Anchorage Capital) is "divesting what's left" of its 'Business Legal Services'. According to the firm's online listings, that comprises 42 lawyers. And the hedge fund overlords are acting swiftly. RollOnFriday's source said that "changes are to take place by the end of September" with "BLM providing lifeboats". Although if that's the case, some of those lifeboats may be riddled with holes.
When contacted about its investment divestment, a Slaters spokeswoman said, "as part of a wider strategic review of the services we offer we are looking at the best way forward for our Business Legal Services team". Which as far as RollOnFriday knows means getting them out of the door, a conclusion the firm did not deny. The coy spokeswoman added,"we are looking at a range of options and will announce any decisions we make to our colleagues and clients in the first instance".
If the poor business legal services team is made redundant, a sizeable legal offering from the firm will disappear. S&G's website currently boasts that the team advises on a wide range of issues including employment, disputes, professional conduct issues, commercial property and regulatory compliance and defence. Which sounds like a lot. And comprises dozens of lawyers.
Management made some barely noticeable changes to reduce overheads |
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"Sounds great, how much money do they bring in?"
"Erm...well that's the problem. Not very much."
"Oh. Get rid of them then. But who will take on an unprofitable team like that?"
"Well, I know a firm with a rock-bottom PEP and low profit margins, and the Business Legal Services team would feel right at home there, because they have been making loads of people redundant too...(puts down phone and calls another number)...yes, hello, is that BLM? I have a great proposition for you."
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