Law firms, like any business, are not immune to weak business conditions.
An article in today’s Australian Financial Review has it that a lot of Australia’s big firms are cutting staff and freezing their pay for the first time since the GFC.
According to the article, by Alex Boxsell, King & Wood Mallesons, Allens and Herbert Smith Freehills are among the large firms that have started cutting costs to prop up profits for partners.
And it’s not just the big boys in the corner offices that are feeling the affect of tough operating conditions.
In the article, Boxsell writes that National firm Clayton Utz offered its 2013 intake of graduate lawyers in Sydney and Melbourne a financial incentive to delay their start date to 2014.
That could mean another year pulling beers at the pub for some of the nation’s next wave of legal eagles.
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