Recruitment & Development: Winning the war for talent
While firms rush to cut costs by reducing pay, they may be damaging their future in the long-term, write Jon Clark and Louise Hindley
Last month, magic circle firm Clifford Chance announced unexpectedly that it intended to reduce base pay for newly qualified lawyers from £50,000 to £48,000. Salaries in each of the assistant pay bands will also be cut by a similar level. The driver for this initiative is cost cutting and the firm expects to make an annual saving of about £2m.
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