Financial Fallout: Shoosmiths' Slashed Profits and Weil Gotshal Slashes Salaries
Shoosmiths has reported a marginal drop in turnover for 2008-09 from £103.4m to £99m, a fall of 4 per cent. Profits per equity partner however have seen a huge drop from £327,000 to £150,000 a plunge of 54%. This is the largest drop to emerge from a top 50 firm so far. Meanwhile US firm, Weil Gotshal & Manges, has opted to cut salaries in its City office. Newly qualifieds finishing their training contracts in September 2009 will see their …
Shoosmiths has reported a marginal drop in turnover for 2008-09 from £103.4m to £99m, a fall of 4 per cent. Profits per equity partner however have seen a huge drop from £327,000 to £150,000 a plunge of 54%. This is the largest drop to emerge from a top 50 firm so far.
Meanwhile US firm, Weil Gotshal & Manges, has opted to cut salaries in its City office. Newly qualifieds finishing their training contracts in September 2009 will see their pay reduced by 5.6 per cent from £90,000 to £85,000. All other associate salaries will also be frozen, meaning those who qualified in September 2008 will have their pay frozen at £90,000 while March 2008 qualifiers will continue to receive £92,500 and those with two years post qualification experience will have their salaries frozen at £98,000.
July 7, 2009
54% is pretty horrifying, didn’t they do some pretty stiff cost cutting too?
July 7, 2009
Yea they ditched/deferred a load of trainees with no compensation.
July 7, 2009
£85k for an NQ is fairly awesome
elsewhere it’s lucky if you even get hired at the end
July 7, 2009
gutted for them. not
July 10, 2009
£85,000 ? Well I suppose they do have to rush into burning buildings and rescue women and children from certain death. Oh Sorry. Hang on. That`s firemen.I heard they errr… earn quite a bit less.