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11/1/2020 Law firms launch new round of cost cuts as pandemic bites | Financial Times Legal services Law firms launch new round of cost cuts as pandemic bites Some begin redundancy process as state support schemes end and business fails to pick up VENIT Firms launching redundancy rounds in recent weeks include international groups such as Reed Smith and Bryan Cave Leighton Paisner Fabrizio Bensch/Reuters Kate Beioley SEPTEMBER 12020 International law firms with UK offices have been forced to trigger a fresh wave of cost- cutting measures in response to the coronavirus pandemic as government support schemes come to an end. Some firms, which furloughed business support staff and enacted salary freezes or pay cuts for lawyers when the pandemic first hit, are starting to axe staff because business has failed to pick up. Those include international groups Reed Smith and Bryan Cave Leighton Paisner, which have launched redundancy rounds in recent weeks. The legal industry is typically more resilient than vulnerable parts of the economy such as hospitality, but lawyers have suffered knock-on effects from their clients' woes and been hurt by a decline in dealmaking. "As the full impact of the economy hits firms, activity levels are likely to fall and firms will need fewer staff. At that point the expensive ones may be at risk," said Giles Murphy, head of professional practice at accountant Smith & Williamson. https://www.ft.com/content/0f0e6e90-e05c-4574-a7a8-0725439be051 1/4