Slater & Gordon, the world’s first publicly traded law firm, has been in some trouble for quite some time. If you recall, Slater & Gordon took a $700 million hit in early 2016 thanks to its acquisition of the legal services branch of UK-based insurance claims processor Quindell (now known as Watchstone Group), and later in the year it was revealed that it had slashed 640 jobs to “streamline the firm.”
Slater & Gordon has been in restructuring mode since that time, and thanks to yet another humongous loss of $546.8 million, the solution to get the firm off the ropes seems to be — you guessed it — additional layoffs. Here’s some additional information from Business Insider:
Slater and Gordon has completed a strategic review and plans to cut 80 staff in Australia as part of a transformation plan to bring the law firm back to health.
According to a short note to the [Australian Securities Exchange], the plan includes cost reductions and about 7% of its 1,140 staff Australian will go.
“A number of office locations nationally are impacted, but the majority of our existing national office network will be maintained,” the company says.
“The company believes that the implementation of a business-wide transformation plan, including cost reductions and structural changes, is necessary for the future sustainability of the Australian operations.”
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Unfortunately for Slater & Gordon, it seems to have gotten itself into such a financial predicament that only 80 layoffs might not do much at all. We have a feeling that in order to save face, the firm may conduct stealth layoffs in addition to the relatively small number that have been announced publicly.
We wish all of the affected individuals at Slater & Gordon the best of luck while they seek new job opportunities in the legal industry and beyond.
If your firm or organization is closing its doors or reducing the ranks of its lawyers or staff, whether through open layoffs, stealth layoffs, or voluntary buyouts, please don’t hesitate to let us know. Our vast network of tipsters is part of what makes Above the Law thrive — we’ll never ignore you. You can email us or text us (646-820-8477). Thank you!
Slater and Gordon plans to cut 80 staff as the law firm restructures [Business Insider]
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Earlier: World’s First Publicly Traded Law Firm Slashes 640 Jobs
Staci Zaretsky has been an editor at Above the Law since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, or comments. You can follow her on Twitter or connect with her on LinkedIn.