Rumours of less than inspiring pay rises at Mallesons have been doing the rounds this week.
Press reports have suggested that 3 to 4 year solicitors got a 7% increase while the 4 to 5 year band faired slightly better at 15%. However, with record partnership profits recently announced, improvements in the general economic outlook and merger rumours circulating, it's understandable that much greater rises had been anticipated. Especially bearing in mind that most of the affected lawyers have had their pay frozen for almost two years now. As one disgruntled employee pointed out on Firmspy, 7% barely matches the inflation rate over that period. It seems toys are starting to be hurled from prams...
So is this prudent business management by Mallesons partners? Well a recent Hays survey indicated that outside of the natural resource driven markets of Brisbane and Perth, modest increases across the industry of 3 - 5% were likely - so on that basis, the rises are broadly in line with market expectations. But could it be a sinister plot by a group of Mallies partners who are about to defect to Clifford Chance? Keep the foot on the neck while at Mallies and then offer "generous" rises to anyone who wants to join the new team at CCs? Surely not.
Only time (or someone on the inside) will tell. Make sure you let RollOnFriday know if you have any more information.
Tip Off ROF
Press reports have suggested that 3 to 4 year solicitors got a 7% increase while the 4 to 5 year band faired slightly better at 15%. However, with record partnership profits recently announced, improvements in the general economic outlook and merger rumours circulating, it's understandable that much greater rises had been anticipated. Especially bearing in mind that most of the affected lawyers have had their pay frozen for almost two years now. As one disgruntled employee pointed out on Firmspy, 7% barely matches the inflation rate over that period. It seems toys are starting to be hurled from prams...
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An empty pram which no longer contains any toys, yesterday |
So is this prudent business management by Mallesons partners? Well a recent Hays survey indicated that outside of the natural resource driven markets of Brisbane and Perth, modest increases across the industry of 3 - 5% were likely - so on that basis, the rises are broadly in line with market expectations. But could it be a sinister plot by a group of Mallies partners who are about to defect to Clifford Chance? Keep the foot on the neck while at Mallies and then offer "generous" rises to anyone who wants to join the new team at CCs? Surely not.
Only time (or someone on the inside) will tell. Make sure you let RollOnFriday know if you have any more information.