Norton Rose moots four-day week to save jobs

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  • -

    Is this in addition to or instead of redundancies?

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  • likely story

    sounds like a clever way of getting people to do the same amount of work for less money...

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  • -

    An interesting approach. They promised they would not make redundancies. The quid pro quo is that everyone goes part time. So what happens to the partners?

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  • Norton Rose

    This is a really good idea. Most lawyers are already working the equivalent of 4 days or less in terms of hours. Norton Rose seem to facing up to this and avoiding mass layoffs into the bargain. Will other firms follow suit?


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  • Good idea

    i disagree with the poster below - I would be sceptical about working a four day week in a bull market because you would just get paid less for doing the same amount of work. But it sounds as though there's barely enough work around to keep people busy for four days.

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  • Sorry state of affairs

    With every news announcement, Norton Rose is becoming more and more of a worrysome firm. I feel they're not letting on the true state of their financial position.

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  • Good idea

    In general terms this is a good idea - obviously it's great to be able to save jobs by everyone taking a hit. And it's not like they can't afford a bit of a pay cut anyway. The worrying thing is that most firms will be using their redundancies to get rid of some of their dead weight - let's face it all firms are carrying a lot of people who perhaps don't contribute as much as they should. While NR is being very magnanimous by saving everyone's jobs - and will undoubtedly be remembered as such - they could slightly be shooting themselves in the foot by not taking the opportunity to streamline its ranks.

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  • Hard work

    The firm is still going to expect people to produce the same quality and quantity of work but in less time. There will be a great deal of people working on the day they are supposed to have off in a bid to keep up to date with the volume of work.

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  • Part(y) time

    What happens to equity partners' drawings? Easy enough to knock 15 per cent of a monthly salary but what about a profit share?

    Equity partners could end up working four days a week and getting paid roughly the same amount as they would on five. Sounds like a decent deal.

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  • Cynical Proposition

    Rrather than offering these pay cuts/sabaticals why can't those at the top of the equity ladder inject more to allow the firm to weather the storm? I appreciate that this may be a necessary evil but where will it stop? Many City firms are failiing to see the bigger picture, exploiting conditions and employee (vulnerabilities) terms does not bode well for the long term, if and when the market picks up the tidal wave of power may shift, how will firms like the boot on the other foot!

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