The New Lawyer reports that a new survey by Australian professional services recruiter, Mahlab, has revealed that partners at law firms in Australia? .. are feeling the burden of tougher market conditions
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This is what they say
The survey, 2009 Now and Into The Future, shows partner earnings on average decreased by 5.26 per cent in Sydney and 3.70 per cent in Melbourne, compared to an 11.1 per cent increase last year and 7.1 per cent increase in 2006-2007.
And it?s not just their pockets that are hurting. During this period there have also been a lower number of partners appointed because of greater financial pressures on legal practices during the global financial crisis.
?I would be confident is saying there were fewer partners appointed this year and we will be seeing a lot more senior candidates in a holding pattern, up until things improve,? said Lisa Gazis, managing director of Mahlab Recruitment NSW.
?There have been some firms who have moved more staff across into senior council roles, in part because it suits the lawyer?s aspirations, and in part as a way to give recognition to those lawyers and the seniority that they have, while recognising that they can?t celebrate them into the partnership pool.?
The report also suggests partners are suffering from higher stress levels than in the past, which Gazis also puts down to the market conditions.
Read the full report at
http://www.thenewlawyer.com.au/article/partners-suffering-most-in-economic-downturn/492652.aspx
