Redundancies in corporate team
CMS is entering a redundancy consultation in its UK corporate team.
Apparently 19 associate roles are at risk of being axed, according to The Lawyer (£), as market conditions have led to reduced demand for corporate and transactional services. Legal Cheek has been in touch with CMS and the firm is not confirming or denying these numbers.
Nor has the firm confirmed which offices will be affected.
CMS offers 95 training contracts annually across the UK, with a first-year trainee salary of £50,000 in London and £28,000-£43,0000 in the regions. This rises to £55,000 in year two for London trainees, and between £31,000-£45,000 for those in the regions.
NQs across both London and the regions have enjoyed a recent 5% salary increase, with those in the capital now taking home £105,000 and regional NQs sitting on anywhere between £60,000-£68,000, depending on the location.
CMS’s UK profits have dipped slightly in the past year by 3.7%, after strong growth in previous years. Profit per equity partner has followed a similar trajectory, falling 6% in 2023, after passing the £1 million mark for the first time in the firm’s history the year prior.
CMS joins both Reed Smith, who cut their global workforce by 50, and Orrick who reduced staff numbers by 6%, due to a reduced demand for legal services earlier this year.