Sixteen Camerons partners to scrap equity
Security is better than potential million-dollar equity share, partners at law firm CMS Cameron McKenna have voted. Sixteen partners, or 12 per cent of the partnership, have volunteered to scrap equity for a fixed-share status that will see them handed a one-off profit payment followed by a repayment in three years’ time of around 60 per cent of the capital they had invested in the firm. They will remain partners and anonymous, the firm said.
Ten-year high for unemployed lawyers
More than 3,000 lawyers in the United States have been laid off in the first three months of 2009, AAP reports. Trying to weather the financial crisis, the nation’s biggest law firms are laying off lawyers and delaying new hires. The Labor Department said the number of unemployed lawyers jumped 66 per cent last year, to a 10-year high of 20,000.
Buttering the boss pays off: study
The stakes are high and “brown-nosing” is rife as people “manage up” to secure their jobs and avoid bad news, research in New York has found. Complimenting the CEO more and doing a personal favour for the top dog increases the likelihood of being appointed to a corporate board by 64 per cent, while job-seekers using ingratiating behaviour are 20 per cent more likely to land a job.