Wed, 22 May 2013
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Honesty’s the best redundancy policy
Preserving profits drives the redundancy policy
The big difference is that there is much more pressure now on the management of law firms to preserve profitability by whatever means they can. In a down-turn, the first to go must be the most expensive liabilities - the staff.
In the "good old days" big firms were less profit-driven and were prepared to hang on to their staff having made the investment of training them.
Of course, these redundancies will cost the firms double when they have to go out and hire again in a year's time.
Another factor is the way the legal market works - if lawyers didn't expect 90-100% of their earnings to come from salary, they would represent a much lower risk to firms.
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