The Toronto-based legaltech said it will lay off staff, starting in its current quarter, as part of the cost-cutting initiative amid an “exceptionally challenging” macro-economic environment that “continues to deteriorate.” (The Logic)

Talking point: CEO Matt Proud told analysts during a conference call Thursday that the company’s largest cost is staff, “so we’ll be letting people go [and] look for efficiencies across our business.” Dye & Durham said it is “still finalizing” the number of layoffs. It reported that first-quarter revenue grew seven per cent from the same time last year to $120.2 million. The company posted a first-quarter net loss of $11.5 million compared to a net profit of about $22.1 million last year. Dye & Durham also told staff they would have to return to the office full time, starting Feb. 1 next year, as first reported by The Globe and Mail. Employees who do not wish to do so, “should find work elsewhere,” reads the memo from Proud that was shared with The Logic. A day prior, Dye & Durham announced it was moving its Toronto headquarters “to accommodate its ongoing rapid growth and return-to-office plans.” The company experimented with hybrid approaches, but found effective collaboration takes place in the office, said chief communications officer Wojtek Dabrowski in a statement.