The first Major Legal firm to make post-Brexit redundancies
Simmons & Simmons is making redundancies in its London office as a result of the UK’s vote to leave the EU, the first major firm in the City known to have done so.
A spokeswoman told RollOnFriday that the firm was making ‘a very small number of roles redundant at this time’ but declined to give a precise figure, saying the firm was ‘unable’ to provide more detail.
It is understood that lawyers in the firm’s banking, corporate and real estate practices are affected.
Declining PEP
The news follows a decline in the firm’s profitability, with profit per equity partner falling by 10 per cent in 2015/16 to £585,000. It has also closed its Abu Dhabi and Rome offices in the last 12 months.
Source: Global Legal Post
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