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Law firms take more extensive cuts amid unprecedented crisis

Law firms take more extensive cuts amid unprecedented crisis

Posted on 11/08/2020 by Shulin Lee

Blog Law Firms Take More Extensive Cuts

Law firms and pay-cuts - an uncomfortable, but necessary topic for most of us in the legal industry. Which local law firms have implemented cuts?

Ansa Search co-founder Shulin Lee shared her views with Kelly Ng in the Business Times.

Click to read the full article.


Highlights:

  • Law firms with strong Disputes, Restructuring & Insolvency (R&I) practices, tend to have greater leverage when the economy turns.
  • WongP cut 5-10% across all seniorities till December.
  • Dentons Rodyk cut salaries by removing the front-load component, for all staff, since April.
  • A&G and R&T have remained silent. 
  • TSMP has cut 25% for partners.
  • Kudos to these firms for taking pro-active measures to be prudent, amidst this crisis which still has no end in sight. Naturally, in the name of preserving jobs, we'd much rather endure short-term pay reductions.

 

 

For more insights on the legal market in the Asian landscape, feel free to get in touch with me at shulin@ansasearch.com.