Semple Fraser to axe jobs as recession bites

The Glasgow-headquartered practice said it is having to axe four positions - three lawyers and one secretary - as corporate and commercial property deals remain thin on the ground.

The bad news comes after the shock announcement by McGrigors earlier this month that is was aiming to slash 40 roles across its UK offices.

Alister Fraser, managing partner at Semple Fraser, said a lack of finance in the corporate sector meant the firm was having to re-assess its target industries.

Two of the solicitors currently going through redundancy consultation work in commercial property while the other is a general corporate lawyer. Three of the jobs at risk are in Glasgow while the fourth is in the firm's Edinburgh office.

Fraser said corporate deal-making remained "sluggish" in Scotland.

"Although people are getting imaginative and are getting a grip on the new climate, the lack of finance is going to crimp general deal flows over the short to medium-term," he added.

While the firm is cutting jobs in Scotland, it has recently expanded south of the Border, opening an office in Manchester last year.

Fraser said the move was part of the firm's efforts to become more of a UK than Scottish firm. Concerns are growing over deal-making in the commercial property sector in particular as a lack of finance continues to stymie new developments.

Phil Miller, chief executive of Miller Developments, warned at a conference in Edinburgh last week that Scots developers will increasingly struggle to compete with London for backing.

"There's a danger it's rapidly becoming location, location London where there is deemed to be less risk," he said.