Johnson Stokes slashes staff and salaries

Hong Kong’s largest law firm Johnson Stokes & Master has announced measures to cull its headcount and employees’ salaries with effect from 1 June. Exact figures were unavailable when The Lawyer went to press. The firm said in a statement that all groups have carefully reviewed Johnson Stokes’s strategy and, where appropriate, practice groups have consolidated and restructured to allow a headcount reduction. Johnson Stokes is also reducing salaries to bring them in line with current market rates, although high performing employees will still be eligible for annual performance bonuses.