Lawyers at Norton Rose Australia are, no doubt, celebrating a likely increase in their salaries this year. “We have now undertaken a mid-year review of the firm’s financial performance in the period to December, salary market conditions and the outlook for 2010,” said Don Boyd, managing partner at Norton Rose Australia. “The outcome of the review will result in salary increases for most of our lawyers.”
According to Boyd, the firm made the decision to freeze salaries in July 2009 in response to the continuing effects of the global financial crisis on the Australian economy and, in particular, demand for legal services. “This difficult decision reflected exceptional circumstances and indeed many of our peers in the industry chose to freeze salaries altogether,” he said.
It seems the thaw is spreading – Clayton Utz and Freehills have also announced their decisions to undertake remuneration reviews this year.
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