find the latest legal job
Senior Associate - Litigation & Dispute Resolution
Category: Litigation and Dispute Resolution | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Come work for a firm ranked in Lawyers Weekly Top 25 Attraction Firms
View details
Associate - Workplace Relations & Safety
Category: Industrial Relations and Employment Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Employer of choice · Strong team culture
View details
Freelance Lawyers
Category: Banking and Finance Law | Location: All Perth WA
· Freelance opportunities through Vario from Pinsent Masons
View details
Freelance Lawyers
Category: Other | Location: All Adelaide SA
· • Qualified lawyer with a strong academic background
View details
Freelance Lawyers
Category: Other | Location: All Melbourne VIC
· • Qualified lawyer with a strong academic background
View details
Partners suffering most in economic downturn

Partners suffering most in economic downturn

The latest survey from Mahlab Recruitment shows partners in particular are feeling the burden of tougher market conditions in the legal profession.

THE latest survey from Mahlab Recruitment shows partners in particular are feeling the burden of tougher market conditions in the legal profession. 


The survey, 2009 Now and Into The Future, shows partner earnings on average decreased by 5.26 per cent in Sydney and 3.70 per cent in Melbourne, compared to an 11.1 per cent increase last year and 7.1 per cent increase in 2006-2007. 


And it’s not just their pockets that are hurting. During this period there have also been a lower number of partners appointed because of greater financial pressures on legal practices during the global financial crisis. 


“I would be confident is saying there were fewer partners appointed this year and we will be seeing a lot more senior candidates in a holding pattern, up until things improve,” said Lisa Gazis, managing director of Mahlab Recruitment NSW. 


“There have been some firms who have moved more staff across into senior council roles, in part because it suits the lawyer’s aspirations, and in part as a way to give recognition to those lawyers and the seniority that they have, while recognising that they can’t celebrate them into the partnership pool.” 


The report also suggests partners are suffering from higher stress levels than in the past, which Gazis also puts down to the market conditions. 


“A very big thread that came out in the survey was the focus and pressure on partners to do more business development to try and maintain client base-and extract from client base. The requirement to develop business is always there, but in an up market it’s easier.” 


The report, which is supported by the Australian Corporate Lawyers Association (ACLA), Australasian Professional Services Marketing Association (APSMA), Young Lawyers Victoria, Queensland Young Lawyers, Victorian Women Lawyers, Women Law Association NSW and Legal KM, also revealed that partners we being called on to contribute more to the firm as revenue dropped. 


Gazis said: “With the drop in revenue they have been faced with the need to keep the business going and in order to create some buffer, and allow the firm to continue to meet their costs and have more capital to draw on, they have had to turn to partners and ask them to contribute more.”


Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Partners suffering most in economic downturn
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
microphone
Oct 20 2017
Podcast: One of law’s most infamous alumni – in conversation with Julian Morrow
In this episode of The Lawyers Weekly Show, Melissa Coade is joined by The Chaser’s Julian Morrow....
protest
Oct 20 2017
High Court overturns ‘excessive’ anti-protest legislation
Bob Brown’s recent victory in the High Court over the Tasmanian government was a win for fundament...
Blocked
Oct 20 2017
Changes to Australian citizenship laws blocked
Attempts to beef up the requirements to obtain Australian citizenship were thwarted this week, after...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...