Reed Smith announces lawyer cuts in major regions
Reed Smith announced it will cute 45 lawyer roles spanning its US, UK and Middle Eastern offices. The firm, which has a total of 1650 lawyers, cited a shifting nature of the legal services market as reason for the cuts. The firm will offer severance pay to the lawyers and related staff affected through the cuts as well as assist them in finding work thereafter outside the firm.
Reed Smith has delivered more than a billion dollars of revenue each of the last four years, growing steadily and raising its profits too. In 2014, the firm's revenues grew 7 percent to $1.15bn. In the UK, the firm's revenues grew 11 percent, comparatively, from £58.4m to £64.9m.
The firm's strategy remains unchanged. It focuses on financial services, life sciences and health, energy and natural resources, shipping as well as entertainment and media as its five key industries.