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Salary freeze at Mallesons Stephen Jaques
Mallesons has confirmed a pay freeze.
Kate Gibbs
MALLESONS Stephen Jaques has today confirmed a pay freeze.
It's a freeze across the board for the next financial year, a Mallesons spokesperson told The New Lawyer.
"It may not run that long if at the end of this calendar year the firm is tracking solidly," she said.
"Robert Milliner has held off making a response to the GFC for as long as he could. "In line with what other firms are doing it's prudent to look at measures like this," she said.
Partner income will be down, and the freeze applies to everyone across the board.
Mallesons staff were notified of the news at 11am this morning. Everyone at the firm is still eligible for bonuses, and there may be some promotions, which would then attract a higher salary for those going from lawyer to senior associate, or from senior associate to special counsel.
"Partners are assessed on points. The most senior have 100 points and then the others are arranged with fewer points. So your split of profit comes based on your points. So for the partners it means the overall pool from which their take comes will be smaller this year. So partners are taking a haircut too."
There are no specifics on how much partner income is down because it will not be assessed until 30 June. The only exception apart from occasional promotions is graduates.
They are admitted in October and admission to solicitor represents a promotion, and that will be recognised with a salary increase.
Pressed as to how partners and lawyers are taking the news, The New Lawyer was told: "I think there is a general acceptance that times are more challenging.
All firms have to look at what measures they can take to keep the crew together."
