DLA Piper continues to cling to its title as the world's tightest law firm after giving its support staff a measly 2% pay rise. Over four years.
The pay rise will come into effect on 1 January 2011 and is the first increase for support staff since 2008. And because of changes in the firm's financial reporting year, salaries will not be looked at again until mid-2012. So, after spending much of the last year doing over its staff with cheap redundancy packages, DLA has chosen to reward those who've weathered the storm with a 2% hike over four years. Otherwise known as a pay cut, in real terms.
And news gets worse for beleaguered DLA support staff. The salary memo explains "As with any review, there will be a few exceptions in all support departments who will receive above or below the standard increase due to various factors". So some staff will have to make do with even less. Bah humbug.
Of course, the firm blames economic conditions for its stinginess "....we have to be mindful that when making its decision the firm has taken into consideration the fragile economic climate and continuing difficulties within the legal sector." All of which contrasts rather awkwardly with DLA's recent bumper results, which saw turnover for the first half of the year soar by 8.5% - making the firm one of the strongest performers in the City.
A spokesman for the firm said "...we have based our overall review on underlying and predicted market conditions. Within a prudent budget we have awarded specific increases according to an assessment of individual performance and contribution."
Tip Off ROF
The pay rise will come into effect on 1 January 2011 and is the first increase for support staff since 2008. And because of changes in the firm's financial reporting year, salaries will not be looked at again until mid-2012. So, after spending much of the last year doing over its staff with cheap redundancy packages, DLA has chosen to reward those who've weathered the storm with a 2% hike over four years. Otherwise known as a pay cut, in real terms.
And news gets worse for beleaguered DLA support staff. The salary memo explains "As with any review, there will be a few exceptions in all support departments who will receive above or below the standard increase due to various factors". So some staff will have to make do with even less. Bah humbug.
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Ebenezer Scrooge yesterday |
Of course, the firm blames economic conditions for its stinginess "....we have to be mindful that when making its decision the firm has taken into consideration the fragile economic climate and continuing difficulties within the legal sector." All of which contrasts rather awkwardly with DLA's recent bumper results, which saw turnover for the first half of the year soar by 8.5% - making the firm one of the strongest performers in the City.
A spokesman for the firm said "...we have based our overall review on underlying and predicted market conditions. Within a prudent budget we have awarded specific increases according to an assessment of individual performance and contribution."