Freshfields cuts associate pay bands

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  • Responsibility

    The choice is fairly simple; if turnover is expected to decrease, partners can either take home a little less or pass on the pay cut to their associates . The decision taken by Freshields therefore is to put the financial interests of their 400 Partners before those of their 2,000 associates. It should be no surprise to those Partners when, over the next year or two, those same associates decide to put their own interests first by moving to a firm that treats them a little better.

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  • Equity

    So will we see the partners' equity points frozen for the year as well?

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  • sounds good on paper

    Yeah, but where are they gonna move to exactly?

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  • whiners

    Get over it.

    Boohoo, I will have to stay at a measly £66,000 salary for another full year. How am I gonna afford the payments on my third holiday home, my yacht and my sports car?

    Pathetic, gimme a break.

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  • Such hardship

    Why does anyone feel sorry for City associates. They need to get real - we're in a recession and people are losing their jobs. I know it's though but i'd rather take a pay cut than not have a job at all.....

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  • Better than the rest

    Well, based on the limited information here, I say rather the Freshfield's way than CC/Links etc....

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  • I agree

    The greedy partners at Freshfields should be ashamed of themselves! Why pass the buck to the associates who are probably paying mortgages and trying to keep on top of the bills......!

    It's not just a little dent in their pay packets we're talking about either. Thousands of pounds might not seem a great deal to partners but it makes a huge difference to the rest of us!

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  • What a miserable existence

    That's how natural attrition works.

    Incrementally, bit by bit, you start treating your staff meaner until you've lost everyone but the uber-keen.

    Take all the fun out of the job by cutting out all the perks like taxis, free fruit, regular pay raises, bonuses, then start hitting even some bare minimum hygiene factors like good atmosphere and collegiality.

    And soon, people will hate being an MC lawyer, everyone will be out to save their own neck and the billable hours they can amass or pad in some way or other to keep themselves safe.

    And that's just at the associate level - partners will feel the same way, protecting their associates and little fiefdoms and before long, there's little point in being in an international firm and everyone will think that Slaughters got it right.

    Let natural attrition run its course and let the era of the MC come to an end.

    High time too.

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  • Let the market decide

    My advice for anyone, at any firm, is to do as you are done by. If the firm tells you it is cutting pay or jobs to stay competitive, that isn't inherently wrong, but means that you should respond to them on the same basis: if they aren't offering a competitive package, jump ship to the firm that is.

    Some firms will sacrifice all collegiate culture to proft, some sacrifice none, and most find a point of compromise somewhere between the two poles. You just need to decide what motivates you, and choose a firm which sets the fulcrum at the same place you do.

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  • Grow up

    While FBD associates might receive less than in the past, they are clearly still staggeringly well paid by the standards of most people. Let's keep a little context before we start talking like we're employed in a sweatshop, shall we?

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