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Slaughter and May to cut 28 secretarial jobs
@ CCH | 3-Oct-2012 2:41 pm
In fact, it would help the economy if S&M could pay for the secretaries stay at the firm and to just type and then shred even if it did not help the law firm. Lower paid people are more likely to consume their income than higher paid partners, and that consumption leads to higher aggregate demand in the economy, driving economic growth, and supporting higher levels of employment as a knock-on effect.
So, if S&M wants to help itself and support wider economic growth, which will in turn deliver more M&A deals and more billable work for itself, they should definitely not sack these secretaries.
If you are not sure, then please check with Keynes' great work: 'The General Theory of Employment, Interest and Money'.
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