As demand for certain services is waning, the decision is part of a broader cost-cutting strategy that has affected various business lines, including EY’s legal arm and EY-Parthenon, its strategy and transactions advisory segment.

The redundancies are a response to the changing market dynamics and are part of the Big Four firm’s ongoing efforts to realign its workforce with current market demands. EY Riverview Law, a Manchester-based legal services business acquired in 2018, is set to close, leading to significant job losses. These cuts are less drastic compared to EY’s US operations, which earlier announced a reduction of 3,000 roles.

Despite these measures, EY’s UK partners reported a 5% decrease in their average earnings, down to £761,000 in the last financial year, the Financial Times reports.