Law firm Ince & Co still faces a choice of whether to go it alone or seek a strategic partner following the announcement of swingeing staff cuts.
It is understood the firm is not involved in merger talks, although it continues to be linked with a number of potential suitors.
Ince has reportedly been in tentative discussions with competitor London law firms Watson Farley & Williams and more recently Hill Dickinson.
The talks have not developed into anything formal.
In April, it was reported that Ince’s international senior partner Jan Heuvels was ready to cast his net further afield outside London to find a partner for Ince and was in discussions with US law firm Holland & Knight.
The suggestion was that Holland & Knight would be keen to take advantage of Ince’s international network of offices while a tie-up would also open the door to the US for Ince.
However, both sides have strongly denied the reports and Ince has said it is not currently involved in any talks with a rival firm.
Another view is that the company is now primed to carry on alone. The staff cuts are expected to create a leaner firm that already appears to be benefiting from a shake-up and refocusing of the business.
Its latest accounts for fiscal 2016 (ending April 2017) show an increase in turnover of 9.6% to £51.7m ($69.3m) and operating profits up 46% to £11.2m.
The cuts, which are expected to include about 36 staff, are also weighted towards the business-development sector, sources close to the firm have said. The impact on the fee-earning sector is expected to be limited and mainly involve associates rather than partners.
Ince directors are keen to stress that the cuts to the workforce are intended to align staffing with the company reforms that have taken place over the past two years.
Andrew Jameson, head of Ince’s London office, said: “We have a highly successful business and continue to be recognised for the quality of our people and clients in the sectors and geographies in which we operate. However, like all businesses we need to adapt to ever-changing market conditions by ensuring that we have the right people doing the right job in the right location.”
