Legal Business

Ince & Co blames prevailing economic conditions in core sectors for redundancy of 10 fee-earners and six secretarial staff

Posted on |
Job cuts Ince & Co
legal-business-default

Ince & Co confirmed today (4 April) that ten shipping and insurance fee-earners along with six secretarial staff have been made redundant following the conclusion of a consultation launched in February.

The secretarial and office support staff were offered voluntary redundancy while the fee-earners were not and all ten fee-earners have now left the firm.

In a statement, the firm said: ‘Following an assessment of the prevailing economic conditions in our core sectors and a review of our resourcing requirements, we are in consultation over the potential redundancy of 10 fee-earner and six business services roles. Where possible, we will be seeking volunteers for some of these roles.

‘We are sorry to see colleagues leaving and we will be working closely with our clients and other contacts who may be looking for high quality recruits. All our leavers will be offered outplacement support and significantly enhanced departure packages and we wish them well.’

The top 40 firm said that these cuts would reduce the London office by less than 5%.

In January, the firm’s LLP accounts showed a reduction in bank loans to £500,000, down from the previous year’s figure of £1.4m.

Revenue was more or less static in 2013 at £61.9m compared to £61.1m in the previous year, while the overall profit was £1m lower in 2013 at £19m.

The firm’s highest paid member also took home less in 2013 at £545,670 compared to £584,065 in the previous year.

Other firms to have announced redundancy programmes in the past 12 months include Berwin Leighton Paisner, Bond Dickinson and Watson Farley.

francesca.fanshawe@legalease.co.uk

Legal Business

Redundancy watch 2014: Ince & Co announces consultation over 16 jobs

Posted on |
Job cuts Ince & CoWatson Farley and Williams
legal-business-default

While the last few months have not brought with them the level of job cuts first feared at the start of 2013, when the rash of City redundancies at one stage looked to approach 2009 levels, Ince & Co has today (13 February) confirmed that it has entered a redundancy consultation in respect of sixteen staff, with the firm blaming economic conditions in its shipping business.

The top 40 LB100 firm has put ten fee earners and six business services staff on notice that they may lose their jobs, following an assessment of the prevailing economic conditions in its core sectors and a review of its resourcing requirements, a firm statement said today.

It is understood that the redundancies will mostly hit staff in the firm’s shipping sector, and the statement added: ‘We are sorry to see colleagues leaving and we will be working closely with our clients and other contacts who may be looking for high quality recruits. All our leavers will be offered outplacement support and significantly enhanced departure packages and we wish them well.’

The move to streamline its team comes following fairly flat 2012/13 financials, which revealed that revenue was more or less static in 2013 at £93.2m compared to £91.6m in the previous year, while overall profit was £1m lower in 2013 at £19.1m.

However, the firm stands out against a host of other City firms for lowering its bank debt, which dropped from £1.4m in 2011/12 to £500,000 in 2013.

The firm’s highest paid member also took home less in 2013 at £545,670 compared to £584,065 in the previous year.

The announcement comes after the second half of 2013 brought redundancy announcements from Watson, Farley & Williams, Wragge & Co and Maclay Murray & Spens, but which failed to reach the levels feared following a first half that saw redundancy announcements from the likes of Eversheds, Clyde & Co, Ashurst, Olswang, Hill Dickinson and Taylor Wessing.

Sarah.downey@legalease.co.uk

Legal Business

LLP filings 2012/13 – DAC Beachcroft, Dentons, Olswang and Ince & Co reveal numbers

Posted on |
Financial results 2012/13 CMS UKDAC BeachcroftDentonsInce & Co
legal-business-default

DAC Beachcroft, Dentons, Olswang and Ince & Co have joined the ranks of leading UK law firms to have filed their limited liability partnership (LLP) accounts on Companies House, with the former three all seeing an increase in their bank debt.

Dentons UKMEA LLP saw its bank loans increase by around £3m in the 2012/13 year, while profit was down 10% to £28.3m, which the firm attributed to increased marketing and administration costs stemming from its tripartite merger with Salans and Fraser Milner Casgrain.

Revenue at the top-10 firm dropped 1.5% from £144.8m to £142.8m.

Meanwhile, in line with firms including Shoosmiths and Morgan Cole that saw their highest paid equity partner sum fall, Dentons paid their best earner £564,000, constituting an 18% drop when compared to 2011/12.

The firm enjoyed savings in staff costs, which decreased from £75,705 to £72,822 this year, due to a decline in numbers, including fee earners and support staff, from 994 to 928 members.

Elsewhere, as DAC Beachcroft yesterday (21 January) announced the opening of its representative office in New York, its LLP accounts reveal increases in its borrowings over the course of the last financial year to finance continued investment.

During a year in which the 1000-lawyer top 25 UK firm acquired the assets of Andersons Solicitors in Scotland in September 2012 and formed DAC Beachcroft Chile Limitada in Santiago two months later, its accounts show that the firm has refinanced its banking facilities, which now include a £40m four-year revolving credit facility, while the LLP accounts also confirm a £10.2m cash call from partners.

Net debt grew 14% from £34m in 2011/12 to £38.7m the following year, with the Andersons acquisition adding close to £500,000 to net debt, but adding net assets of £600,000.

The accounts confirm a 14% increase in turnover for 2012/13 to £186.8m from £163.5m the year before. Operating profit too increased 13% from £30.8m at the end of 2012 to £34.6m in 2012/13.

Staff costs increased 16% from £86m to £99m as total staff grew 11% from 1842 at the end of 2012 to 2051 the following year, as did the average number of equity partners from 89 to 113.

However, the highest paid equity member took home £450,000 at the end of last financial year, 22% less than £579,000 the year before.

Meanwhile, Olswang’s filings reveal that its overdraft grew by £3m to £18m in 2013, with net debt up to £13.7m from £8.4m.

The UK top 40 firm, which saw its turnover increase from £108.5m to £110m but operating profit drop from £39.3m to £38m, paid its highest earning equity member a significantly heavier pay packet this year at £716,000, up from £576,000.

Its overall employee headcount dropped from 565 to 554 in 2013.

Standing out for reducing its bank loans, however, is top 40 firm Ince & Co, which LLP accounts show £500,000 in bank loans in 2013, compared to the previous year’s figure of £1.4m.

Revenue was more or less static in 2013 at £61.9m compared to £61.1m in the previous year, while the overall profit was £1m lower in 2013 at £19m.

The firm’s highest paid member also took home less in 2013 at £545,670 compared to £584,065 in the previous year.

Legal Business

Legal Business

The Bar: Littleton Chambers QC heads to Kobre & Kim as Ince & Co partner joins Stone Chambers

Posted on |
The Bar Ince & CoKobre & KimSt Philips Stone
legal-business-default

The increased fluidity between the various limbs of the legal profession has been in evidence over the past few days as offshore litigation boutique Kobre & Kim hires Littleton Chambers’ Andrew Stafford QC as a partner and high profile Ince & Co partner Jonathan Lux joins Stone Chambers, while Devereux Chambers has also announced the arrival of tax specialist Jolyon Maugham from 11 New Square. Stafford QC, who becomes Kobre’s third QC appointment, specialises in commercial litigation, with a particular emphasis on financial services, pensions and employment related disputes.He joins James Corbett QC (formerly of Serle Court) and Jalil Asif QC (formerly of 4 New Square). He remains an associate door tenant at the 51-barrister Temple set.

Littleton recently appointed a successor to co-head the set following former leader Clive Freedman QC’s decision to stand down, with John Bowers QC serving as joint head of chambers alongside Andrew Clarke QC.

Elsewhere, Lux leaves Ince & Co after 30 years, but will continue his practice as an international commercial mediator and arbitrator from Stone Chambers as an associate member. In addition, he will also accept work as counsel from November.

Lux is one of the founder members of CEDR and co-author of ADR and Commercial Disputes. In December 2011 he featured in Lloyd’s List of top ten legal Personalities.

Maugham meanwhile, brings to Devereux Chambers a predominately litigation-based practice in the fields of direct and indirect tax, focusing on areas including employment taxation, ‘scheme’ transactions, and film financing.

Head of chambers Ingrid Simler QC said: ‘We are very pleased that Jolyon is able to join us. He is a valuable addition to our established tax team and will add to what chambers can offer in tax and other financial and commercial work.’

Maugham added that the move to the set ‘is an excellent base from which to develop my practice, acting for both taxpayers and HMRC.’

The moves come as Brick Court Chambers is both celebrating and commiserating the appointment of joint head of chambers Nicholas Green QC to the High Court as a judge. He will sit as a judge of the Queen’s Bench Division from 1 October.

Jonathan Hirst QC said: ‘He will be missed as a joint head of chambers, but more importantly as a great colleague.’

sarah.downey@legalease.co.uk

See the October issue of Legal Business for an extensive insight into the barrister-clerk relationship.