Well there I was last November moaning about the level of work coming in and predicting a bad year ahead. Unfortunately I was proved right and we are now in the worst period for conveyancing since 1993. My new file openings are down 32% compared to the same period last year and my turnover is down 23% but I forsee this percentage increasing in the next few months due to the number of file starts in the last three months being significantly down on the previous year. As a result I am two staff down having made one person redundant and the other dying tragically at the age of 55.
One local multi branch firm heavy into conveyancing has made 30 people redundant and another medium sized firm in one location has issued letters of redundancy to all the staff and has asked for volunteers to be made redundant. Apparently the senior partner who issued the letters pissed off on holiday the day before the letters were delivered. Local Agents have closed offices and others have laid off staff.
The difference this time compared to the 90's is the speed of the downturn. It all started for me in March after we had opened more files in January and February this year compared to last. I can see no prospect of any short or medium term improvement in the outlook for conveyancing so it's just as well that the downturn coincides with my plan to slim down the business prior to my move West. The plan to retire completely has been revised and I will now take the firm to my West Country retreat where I will continue to service my clients many of whom I have acted for over a period of 30 years.
Perhaps my readers (3 at the last count) would like to share their experiences?
Wednesday, July 09, 2008
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