Irish leader to lay off staff and cut pay by 10%
A&L Goodbody has become the first Irish firm to announce major cost-cutting measures in response to the financial downturn. The firm is set to cut at least 45 jobs, including 6% of its lawyer headcount, while the firm also said that it expects to decrease salaries by 10%.The firm's management informed staff at a meeting earlier this month (9 February) that it is seeking 20 voluntary lawyer redundancies - across seniority ranks - from its 360 fee earners. In addition, 25 voluntary redundancies were requested among support staff.
February 25, 2009 at 10:20 AM
2 minute read
A&L Goodbody has become the first Irish firm to announce major cost-cutting measures in response to the financial downturn.
The firm is set to cut at least 45 jobs, including 6% of its lawyer headcount, while the firm also said that it expects to decrease salaries by 10%.
The firm's management informed staff at a meeting earlier this month (9 February) that it is seeking 20 voluntary lawyer redundancies – across seniority ranks – from its 360 fee earners. In addition, 25 voluntary redundancies were requested among support staff.
At the meeting, all staff were also informed that they are likely to see a 10% decrease in pay, which will be implemented in early May.
In addition, it is understood that senior lawyers did not receive a year-end bonus in December.
The firm stressed that trainee recruitment has not been affected by the planned cuts, with a normal intake expected this autumn. Sixteen out of 22 trainees were offered a position with the firm upon finalising their training contract at the end of last year.
A&L Goodbody is one of Ireland's largest firms, with a total staff headcount of around 600. The country's economy has fallen into recession faster than many other European Union members, with unemployment rising sharply. It is believed that several other major Irish firms are planning to make job cuts.
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