Support roles
Gateley has become the latest law firm to confirm job cuts, after its share price took a near-50% tumble over the past six months.
The firm has entered a “formal consultation process regarding proposed changes”, with redundancies on the cards across its business support and secretarial teams.
Gateley, which made history in 2015 as the first commercial law firm to float on the London Stock Exchange, was quick to point out it’s not alone in tightening its belt. “This approach is by no means unique to Gateley and mirrors recently reported similar steps by other professional services businesses,” it said.
A&O Shearman, Baker McKenzie and Clyde & Co have all recently confirmed business services cuts, while Clifford Chance cut around 50 back-office roles and Freshfields trimmed support staff numbers, including paralegals, at its Manchester hub.
Gateley stressed that no final decisions had been made and that job cuts remain subject to consultation.
“Given this is an ongoing, legally defined consultation process, it would not be appropriate to comment further at this stage,” the firm said. “Our focus is on treating our people fairly, respectfully and with care, while ensuring appropriate support is in place for those who may be affected.”
Gateley’s share price has more than halved over the past six months, falling over 50% to trade at roughly 55p, down from levels near 130p late last year.
A prudent business wanting to cut costs would first look at the top to eliminate the overwhelming amount of deadwood. The “retired” CFO is now a procurement director; a dozen or so similarly bizarre roles for partners and directors staying on just so that their option awards continue to vest. Cut that chap’s role and you won’t have to sack 4 receptionists…