Pinsents warns of cuts

PINSENT Masons, the UK legal giant, has joined the ranks of law firms cutting jobs by laying out a seven-point plan to staff which proposes part-time work, a pay freeze and redundancies.<br /><br />Managing partner David Ryan has told employees he has worked to avoid job cuts but &ldquo;minimal&rdquo; redundancies are going to be necessary.<br /><br />He said the cuts were based on reducing the firm&rsquo;s capacity to match the recession-hit economy, rather than costs. The firm also announced turnover creeped up to &pound;215m in the last financial year compared to &pound;213m the year before. <br /><br />The one per cent rise was thanks to strong performance in outsourcing, technology, commercial work and projects, although demand for real estate and corporate work fell. <br /><br />The firm is expected to announce a profit figure soon. <br /><br />Ryan said the group is pleased with the results, but profits will be lower thanks to investment in Dubai, new hirings and an IT upgrade. <br /><br />The seven-point plan for employees also includes sabbaticals for staff, shuffling staff between offices more regularly, cost cutting and secondments to clients of the firm.