Layoffs and an executive exit: What’s going on at London’s first listed law firm?

cityam07-22 13:00

Photographer: Chris Ratcliffe/Bloomberg via Getty Images Gateley, the City’s first listed law firm, is set to lose its chief executive and axe dozens of jobs as it grapples with a swelling cost base ...

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The company’s overall expenses also jumped by £6.3m to £40.6m over the financial year. Gateley’s board also rebased its dividend policy, cutting the total payout by 44 per cent to 5.3p per share, down from 9.5p in the recent financial year.“The mixed economic outlook in the UK and the ongoing conflict in the Middle East are both near-term challenges for professional services specialist Gateley,” Russ Mould, investment director at AJ Bell, said. \n\nGateley, which was listed in 2015, was the first UK law firm to float on the London Stock Exchange. Since then, the business has evolved from a purely legal practice into a broader professional services firm, focusing on diversifying its revenue streams across four key areas, including property and people. One core part of this is boosting its presence in the Middle East, including in corporate, disputes, and resolution work. Gateley said the regions “continue to present margin-enhancing profitable growth opportunities.” Staff set to be axed as share price tumbles Gateley is now looking to slash its headcount as part of a push to manage costs. The group told shareholders this week it had launched a redundancy consultation process that is set to remove 40 support staff from the business. \n\nA Gateley spokesperson told City AM the legal business has “entered a formal consultation process regarding proposed changes” but “no final decisions have been made.” “These proposals follow a detailed review of our cost base, operating structure and ways of working,” the spokesperson said.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.46.0","shortVersion":"4.46.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2653736052","isCrawlerRequest":true}