Herbert Smith Freehills freezes pay in Australia
Herbert Smith Freehills has frozen salaries in its Australian offices, with the Australian managing partner Jason Ricketts informing staff at legacy firm Freehills that pay reviews have been deferred indefinitely, while new salary bands will be announced for everyone else in the next few weeks. comments powered by Disqus
Ricketts explained that the freeze was due to what he called "challenging market conditions in our region".
Low revenues from the Australian market might, as Roll on Friday points out, be galling to equity partners at legacy Herbert Smith, since they were asked to contribute £2k per equity point to fund the capital requirements of last year’s merger between the firms. For over 60 Herbert Smith equity partners, that sum was as large as £200k.