Becker & Poliakoff to retain 20% of partner pay
Becker & Poliakoff has confirmed a plan to retain 20 per cent of partners' pay in order to maintain a cash reserve.
Managing shareholder Gary Rosen admits that the move is unpopular with partners, but points out that such measures are common among law firms, and are not a sign of financial distress. Becker & Poliakoff is somewhat conservative when it comes to debt, having declined to establish a credit line.
Rosen has said the pay holdbacks will be cut to 10 per cent from 1 July and will be eliminated by the end of 2013.