In a statement released Friday, the firm's CEO, Tony Crawford said: "the decision to retrench staff has not been taken lightly and the firm has done everything it could to minimise the impact on staff affected. Ultimately, however, the ongoing fall-off in marketplace activity means we need to act in a way that is both strategically and commercially sensible."

Crawford also confirmed that the firm was introducing a flexible working initiative which will involves staff agreeing to work reduced hours for a proportionate salary sacrifice. The scheme will come into effect in July, with staff being asked to sign on for a 12-month period.

The initiative is designed to enable the firm to retain staff in practice areas in which work flows have slowed as a result of the economic downturn but that have a reasonable expectation that work volumes will pick up in the medium term.

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