The Australian Financial Review (AFR) reported that insiders had put the figure at 110 and that additional volunteers were turned down due to the generous nature of the payout, which included leave entitlements, notice periods and about a month for each year of service.

A spokesperson for the firm said the report in the AFR was "speculative" and would not comment on numbers.

"I can confirm the program has been completed and we are happy with the way it was received by staff. We were open about our expectations for the VR program when it was launched and we have achieved our objectives. Our focus now is getting on with business," the spokesperson said.

When announcing the program, chief executive partner Robert Milliner told staff he expected about 100 staff to take up the offer, which would amount to about 5 per cent of Mallesons' entire staff base.

The AFR reported that the property and construction group lost a number of people, as well as other departments where people were billing well under budget.

- Sarah Sharples