We revealed in May rumours of redundancies at Tresscox, a story later picked up, and confirmed by, other news media. The firm did not comment at the time on the full extent of the redundancies.
We received the following information from a Tresscox spy earlier in the week, revealing what the firm spokesperson neglected to mention:
… it is difficult to exaggerate how bad things are here right now. The redundancies that you reported in Melbourne, also occurred here Sydney and also Brisbane. That is, each of our offices was affected… Partner revenue is rumoured to have gotten to a point where salaried partners are presently earning more than equity partners…
If this rumour is true, it would affront recent claims that mid-tier firms are ‘less affected’ by the GFC. Is this true? (We don’t know.) Is your firm feeling the GFC heat?
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