A trio of senior directors resigned from JLL this week after a series of departures from the firm this summer.
David Emburey, Damian Corbett and Chris Northam are all leaving the firm.
Bonuses for 2015 were paid in July, prompting the timing of many of the moves.
JLL is understood not to have fought ardently to retain some directors in the past four months, in part because it is taking a “measured approach to spending”, and because management is confident other senior staff can step up. The departures have also reduced the need for potential redundancies at the top level.
Chris Ireland, UK chief executive, said: “We are taking a sensible and measured approach to spending and future planning, given the uncertainty around the EU referendum result.”
This approach has also meant some departees have had their notice periods or garden leave curtailed, saving wage costs.
JLL has made 12 redundancies from its 2,800 staff this year. None have been Brexit-related. There is no intention to make further redundancies in 2016, but a review of headcount that will consider the impact of the referendum is due in the first quarter of 2017. It is recruiting 50 graduates this year, in line with 2015.
No recruitment or pay freeze is in force. However, no recent annual pay reviews prompted an “automatic” uptick and any wage increases from promotions are to be paid from next year’s bonus pool.
Following a prosperous past few years, many leaving have been well-rewarded and can risk setting up new ventures or joining smaller firms. Had they stayed, their bonuses next year would likely have been smaller, owing to lower transactional volumes.
Ireland says: “We continue to hire where there is a business need and we attract talented people from across the sector. Recent high profile joiners include Nick Compton in corporate capital markets, Martin Carroll in data centres and Laura Sutton in industrial. We will also be welcoming over 50 graduates into the business later this month.
“A benefit of our breadth is that we can constantly evolve our business in line with client needs. Earlier this year we brought together our central London office agency and investment teams into one group which is being headed by Neil Prime.
“As a large organisation there is inevitably always going to be some churn, and whilst from time to time colleagues leave, this gives an opportunity for others to progress. We have a strong talent pool which allows us to make clear succession plans.
“For instance, we recently announced a number of leadership appointments from within the firm: Alistair Meadows, UK capital markets, Julian Sandbach, central London investment, Andrew Hawkins, city capital markets, Frazer Bowen, UK retail capital markets and Sophie Walker, UK sustainability.”
JLL is refocusing its UK business less towards lumpy transactional fees, as generated by most of the leavers, and more towards repeatable income. In January it is due to integrate 3,700-strong facilities management business Integral.
JLL senior departures
April
Adrian Peachey, head of shopping centre investment, to Montagu Evans
May
Andrew Hynard, deputy UK chairman, to Howard de Walden Estate
August
Colin Dyer, chief executive, announces retirement
Martin Thomas, head of central London retail advisory, to Hanover Green
Luke Hargreaves, director, central London retail advisory, to Hanover Green
Mark Wilson, international director, capital markets, new venture
Simon Verrall, national director, UK team, new venture
Tom Edson, director, out of town retail, to Colliers International
Abigail Dean, head of sustainability, to TH Real Estate
September
David Emburey, lead director, portfolios, to DTRE
Damian Corbett, head of central London capital markets, new
venture
Chris Northam, head of city capital markets, new venture
Damian Sumner, head of retail agency, to be confirmed
