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Revenue Down But Maddocks Partners Will Earn Less to Save Jobs
Posted by The Spy | Posted in Firm Gossip, Maddocks, Mallesons Stephen Jaques | Posted on 9.10pm
In what the Firm Spy believes amounts to an Australian-first, Maddocks CEO David Rennick said:
Partners have made a conscious decision to do what we can and make all the decisions we can to retain our people, and that includes being prepared to take a profit cut this year …We’re putting a lot of effort into building our revenue — focusing on the areas on government, infrastructure, financial services and services which are our major sectors — so the very last thing we’ll need to do is to lay off people and we have been able to achieve that thus far.
Flexible work options, such as a nine-day fortnight or four-day week, are also being used by the firm and discussions about job sharing have been held.
These are certainly creative options to keep staff in lean times, but not all firms share Maddocks’ imagination. Do you think partners can afford to take a cut in lucrative firm profits to save jobs?
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