Categories:UK

City elite refuse to rule out pay band freeze

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  • Let's see

    Three guesses what the UK upper tier will do in light of the Freshfreeze.

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  • !

    Hello?

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  • USP

    pay increases have always operated on a cartel model at the MC - but in this climate MC firms could really use this to differentiate themselves.

    CC and Links for instance, would have a hard time pushing through a pay cut on top of their redundancies.

    If they kept salaries the same or raised them, that would send out a strong message that at least the survivors are valued.

    And A&O, not having done anything publicly yet and instead opting for the softly softly quietly approach to costs and staff management, could have a chance to ultimately appear as the good guy if they play their cards right.

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  • RoF?

    glad to see the rof massive agreeing on this...

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  • Worth it?

    There comes a point when it no longer makes sense from a financial point of view to bust one's a*se at a City firm and take all the heartache, stress and sh*t that comes your way in the course of a day's work (from partners and clients alike). A pay freeze without corresponding reduction in responsibility, stress, heartache etc. may not be worth the while a lot of City associate's leading to a loss of a number of talented lawyers who may just prefer to take a break while the market sucks and look for a job that will pay them well when things start looking up again.

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  • I wonder...

    how many of the "Links-dissing" crowd will now praise them in light of this article?

    I'd say that, assuming they follow through, Links has made a hard choice to lose some excess capacity, and now consolidates itself in a position where it can pay its retained 85 per cent of staff in a continuingly competitive manner. And to those who said no one was going to work there, do they now think that some people (including all the Freshfields lawyers who are annoyed at their pay freeze) might actually want to compete for a position at a leaner, higher-paying firm? Again, assuming this is their position, does it now seem like sound business sense to observers?

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  • Linkies

    What makes people think that Links will not be slashing (or freezing - whatever) salaries in the near future?

    "we will be reviewing salaries and bonuses, as we do annually, in line with the market."

    And if indeed they do - would anyone be surprised?

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  • Breaking Point

    MClawyer - when does that point come? Yes, working as a trainee/associate at a top City firm is likely to involve more hours and abuse than jobs done by many other people in their 20s/30s throughout the country, but pay is still relatively rather high.

    A pay cut/stagnation for one year isn't anywhere as bad as losing one's job. Mid-long term; eventually things will pick up, or at least become a more predictable economic landscape will emerge for firm and their employees.

    A reduction in stress/responsibility may not come with pay cuts, but job stability should - and that should be enough for most people.

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