BDO is set to remove more than 30 UK partners as part of a restructuring programme aimed at creating space for younger professionals to move into senior roles.
Around 31 partner roles – roughly 6% of the total – will be cut as a result of the decision, the Financial Times (FT) reported.
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Those exiting are largely older partners close to retirement, alongside some senior recruits who joined from competing companies.
Professional services companies such as BDO are typically structured as partnerships, with senior staff both owning and running the business. The model depends on a steady pipeline of younger professionals developing through the ranks to eventually take on leadership roles.
BDO was quoted by the FT as saying: “In the current economic environment, BDO needs to be in the best shape possible to advise the UK’s entrepreneurial, growing and ambitious businesses, our mid-market heartland.
“To ensure we are a partnership operating at peak performance in high-growth areas, a small number of partners from each business area is leaving the firm, with some partners having brought forward their existing retirement plans.”
The shake-up at BDO comes at a difficult moment for professional services groups, which are seeing softer demand and increased pressure linked to the advance of AI.
BDO’s recent financials reflect that tougher backdrop.
Profits fell by 7% in its last financial year, while the average profit share for equity partners slipped from £681,000 ($914,000) to £589,000.
Last month, KPMG told staff it may cut 600 roles in the UK as part of its own overhaul.
