The Ince Group is mulling “rightsizing” its office in wake of changes to working patterns brought about by the coronavirus pandemic, CEO Adrian Biles told City A.M.
In today’s half year results the listed law firm recorded a revenue increase of six per cent to £48.2m, despite challenges posed by the Covid-19 pandemic.
Biles said he did not see life in the city going back to pre-Covid days, especially now the business had shown it can “deliver strong results” while working remotely. As a result, he CEO said he was “pretty sure we have too much office space”.
“I don’t buy into the idea everyone is going to jump on cramped commuter trains and come back into the city, which has an effect on our office footprint,” he said.
“We don’t know how that’ll shake out, but we’re pretty sure we have too much office space… ‘Rightsizing’ is probably [an idea] that’s got some legs.”
The Ince Group currently occupies space in Aldgate Tower, just moments from Aldgate East tube station.
The change could spell an exit from the City of London for the law firm. Biles said employees would want a mixture of meeting rooms and operational space still, but he added: “It’s not necessary to be in expensive locations”.
The group made an adjusted profit before tax of £2.52m in the six months up to 30 September, and established a new office in Cyprus.
Biles continued: “In the context of the global disruptions of the pandemic, these are exceptional results.”
The CEO was also optimistic about the next six months, adding: “What we’ve said is that historically our second half is better than our first, but Covid-driven market conditions are kind of the master of that, rather than ourselves.”