Embattled Westminster firm RadcliffesLeBrasseur is considering the unusual move of retrospectively changing its year-end for tax purposes as it continues to seek a chief executive replacement.
Partners and ex-partners are still unsure what profits will be owing to them for the 2002-03 financial year, while the firm discusses the matter with its accountants.
“At this stage we’re not able to discuss details of last year’s performance,” said partner Simon Dinnick, one of the firm’s executive committee.
The firm has previously operated on a 30 April year-end, but is considering a change to 31 March.
The firm is still seeking a replacement for former chief executive Vincent Denham, who left in August last year. It is considering a chief operating officer alternative to the chief executive position.
“We continue to look for a chief officer and have interviewed a number of candidates,” said Dinnick. “We were interested in furthering discussions with one candidate who was not able to proceed as he accepted another position.”
Stop press: Eversheds cuts newbies’ salaries
By Joanne O’Connor
Eversheds has become the latest in a growing line of firms to cut salaries for newly qualified lawyers.
Following its latest salary review, rates for newly-qualifieds in London will fall from £48,000 to £46,000. One source described the reduction as “a market correction”.
The move comes in the wake of recent pay reductions at Hammonds, Masons, Clifford Chance and Osborne Clarke.
Average salaries for male trainees in the legal profession are exceeding the £20,000 mark, with female trainees trailing by £1,319, according to the latest Law Society Annual Statistical Report, which was published last week. The report says that 60 per cent of new trainees were women, but nevertheless male trainees earned on average £20,068 compared […]