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National practice returns to full remuneration ahead of schedule
A national legal practice has confirmed all staff and partners will return to their normal salaries from the next pay period, two months ahead of schedule.
Naomi Neilson
Due to a strong financial performance over the last three months, firm Colin Biggers & Paisley confirmed that its staff and partners will return to their full salaries ahead of the COVID-19 planning schedule, reinstating the 20 to 40 per cent reductions.
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Managing partner Nick Crennan credited the effort from staff and partners in delivering the “exceptional” financial year results. He said the firm’s people had “wholeheartedly” chosen to support the strategy when discussed in April.
“Over the past three months, they have worked exceptionally hard to contribute to and support our strategy of creating a financial buffer for challenges presented by COVID-19. The partners and I have been inspired and humbled by their efforts,” he added.
Mr Crennan also added that the firm’s inclusive and performance-focused culture had played a major role in the results: “We’re determined, we’re resilient and we are here together to build and secure the future of our clients, colleagues and community.”
The strategy saw all staff asked to take a 20 per cent reduction in the salary packages over 10 pay periods, from May to September. Partners reduced their remuneration by 20 to 40 per cent and senior partners shouldered a heavier load.
The firm confirmed that fee earner budgets were reduced proportionately to a reduction in package for the period. Individuals covered by the Legal Services Award were also asked to reduce their working hours by 20 per cent along with their pay.
The firm did not reduce anyone’s salary below full-time equivalent package of $75,000 and anyone with an FTE package of $75,000 or below was not asked to reduce.
“Looking ahead, we know there will be further challenges for business generally, and for many of our clients,” Mr Crennan said. “We are planning for these and our extra financial buffer – together with other improvements we have made to our business – will be key to us being resilient in the face of these challenges.”
