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 ASX, 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.”
Slater and Gordon also has 3,070 staff in 20 locations across the UK.
The company last month unveiled another full year loss, this time $546.8 million after more than $1 billion last year, as the first ASX-listed law firm comes under the control of new hedge fund owners.
The company, brought down by an investment in a UK business which went sour, is now be owned by funds led by Anchorage Capital under a recapitalisation deal which turned debt into 95% of Slater and Gordon.
The original shareholders have seen their combined holding shrink to 5% with a value of just $1.35 million.
Its shares hit a high of $8.07 in 2015, valuing the world’s first stock exchange-listed law firm at $2.8 billion.
But they went on a steep slide because of the company’s underperforming UK business and the British government’s plans to limit compensation for road accidents.
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