Pay freezes bite Australian lawyers
Many Australian law firms froze lawyer pay last year, according to Taylor Root’s annual salary survey. The survey also found that most attractive salary packages are not offered by the top-tier biglaw firms, but rather from a series of profitable boutique firms. comments powered by Disqus
In spite of the figures, professional services consultant Ted Dwyer says that boutiques will never be able to compete with the large firms on salary: “There will always be lawyers seeking to work in boutiques, they will be well-remunerated, but the major firms ... will be able to offer more attractive compensation over the long term.”
Global firms are able to offer “very generous” salary packages, said Dwyer, but they are also pushing their lawyers on performance, with some demanding upwards of 11 billable hours per day.