Simmons & Simmons is cutting a number of real estate lawyers as a result of the UK’s decision to leave the EU.
It is understood around 10 real estate lawyers will be made redundant. The lawyers are understood to work across a number of practices, including the firm’s corporate and finance teams.
Simmons has refused to confirm the exact number of planned departures. A spokesperson said: “We can confirm that the firm is making a very small number of roles redundant at this time. I’m afraid we’re unable to provide any further details.”
Last month Simmons revealed that its average profit per equity partner (PEP) had plummeted by 10 per cent, from £650,000 to £585,000 during the 2015/16 financial year. The drop in PEP was caused as the firm’s net profit fell by 6.2 per cent to £88.8m.
Despite the fall in profit Simmons’ turnover increased by 1.7 per cent, from £290.1m to £295.1m. Turnover had increased for the fourth consecutive year at the firm.