Cost Cutting: Pay Freezes and Vac Schemes Slashed
Freshfields opened the door on pay freezes and now a number of its contemporaries have decided to saunter through it. Allen & Overy followed pretty hot on the heels of its MC rival (and did pretty much everything else they could to cut costs at the same time) and earlier this week Bircham Dyson Bell put the nitrous on salaries. Now Ashurst and Simmons & Simmons have also followed suit in an attmept to avoid further job losses. Meanwhile, others …
Freshfields opened the door on pay freezes and now a number of its contemporaries have decided to saunter through it. Allen & Overy followed pretty hot on the heels of its MC rival (and did pretty much everything else they could to cut costs at the same time) and earlier this week Bircham Dyson Bell put the nitrous on salaries. Now Ashurst and Simmons & Simmons have also followed suit in an attmept to avoid further job losses.
Meanwhile, others including Norton Rose, Pinsent Masons and US firm, Weil Gotshal & Manges have latched on to another growing trend by trimming their vac schemes. WGM are maintaing their London scheme but cutting back the NY programme which was only launched a year ago.
March 12, 2009
of this sort of news is slipping out each week. Obviously there is just no point in vacation schemes this year with the deferred training contracts etc. Firms don’t have to look out for talent when they simply won’t have any training schemes on offer in 2011. I think it’s time they were up front about this – the time spent in researching their firms when I have exmas to prepare for is cruelly wasted when its obvious most of the applications asre being binned before even being looked at.
March 12, 2009
it is a nightmarish waste of time making these application only to be rejected
applications are soooooooooooo boring
March 12, 2009
the firms marketing at law fairs gives a different impression than the one you get when you see what is going on out there
March 12, 2009
seriously reconsidering doing law now, im ambitious but who wants to be beholden to a bunch of machiavellian cuthroats in their quest for success
this recession is proving a real eye opener for me and i haven’t even started working