Australian law firm Herbert Smith Freehills to raise pay
Herbert Smith Freehills is set to lift pay freezes imposed since last year. The firm’s Australian managing partner Jason Ricketts explained that the decision was the result of “some commercial recovery” in the domestic market, and pointed to increased workload in some practice areas, including business services.
All permanent employees in Australia are set for a pay review, which will be determined on the basis of market salaries, individual performance and internal relativities. The firm still pays employees under the (reportedly similar) legacy arrangements, but a new global partner remuneration system is due to be introduced in the 2015 financial year.
“Our intention overall is to have salaries in place that fairly recognise each individual in the firm, and which make commercial sense,” said Ricketts.