TRESSCOX Lawyers refuses to comment on rumours of widespread redundancies in its Sydney, Brisbane and Melbourne offices.
Reports that "it is difficult to exaggerate how bad things are here right now", in Firm Spy, would not be confirmed nor denied by the firm today, when speaking to The New Lawyer.
A spokesperson said that she didn't have anything to add than what is already out there, and firmly said: "No comment".
The spokesperson noted that many firms had been implementing redundancies, and suggested it is a "non story".
A Tresscox lawyer had told the press: "The redundancies that you reported in Melbourne, also occurred here in Sydney and also Brisbane. That is, each of out offices was affected ... Partner revenue is rumoured to have gotten to a point where salaried partners are presently earning more than equity partners."
In mid-May, TressCox Lawyers confirmed rumours circulating in the legal industry about staff cut-backs in a statement to The New Lawyer.
Reports at the time said that at least a dozen staff had been made redundant by the firm. TressCox would not detail the exact numbers involved but managing partner Peter Smith said they are adjusting their staffing requirements in line with tough financial times.
“We confirm that in response to the global financial crisis, we are realigning and refocusing our practice to ensure we are in the best possible position to service our clients both in the immediate and longer term,” he said.
“As a result we have made a limited number of redundancies, each of which has been very regrettable.”
But Smith was scant on details, even in May, saying that the firm is focusing on its future: “As you can imagine this is a challenging time for the firm and for our people (as it is for the community as a whole) so apart from this statement we will not be making any further comments.”
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