And today it’s Mallesons employees who learn that it’s time to stop dreaming about that 2nd pad up at Pearl Beach…
Lawyers Weekly Australia reports ….
Mallesons Stephen Jaques is the latest firm to announce a wage freeze, with salary levels to remain on ice for at least 12 months from the start of the new financial year.
Chief Executive Partner Robert Milliner made the announcement to staff at the firm Wednesday morning, citing the weaker financial outlook.
The salary freeze will be subject to a review at 31 December, dependent on whether the firm is "tracking on or ahead of budget" for the year 09/10.
Mallesons’ head of communications Kris Barry explained: "It applies across the board from the start of the new financial year 09/10; the plan is to keep the salary freeze in place for 12 months. However, if the business is tracking well at the end of this calendar year they may consider lifting it."
There will be no salary increases based on CPIs or band movements (for example moving from second to third-year lawyer).
…/…..
Barry also confirmed a firm-wide freeze on recruitment, but said the firm had not made any retrenchments of legal staff in the current financial year.
Full article at http://www.lawyersweekly.com.au/blogs/top_stories/archive/2009/05/19/mallesons-puts-salaries-on-ice.aspx
