Increasing purchasing power for lawyers and staff?
There is so much happening in our profession that it’s hard to keep track …
I read an interesting article in a recent issue of the New Yorker Magazine that employed workers are actually seeing an increase in purchasing power because of declining prices all around. Yet wages are not going down because, historically, companies have chosen not to change wages for reasons relating to employee morale. I’m not sure whether that historical fact holds true in this environment. I just read that a couple of the large law firms are telling their new hires that the starting compensation will be $145,000, NOT $160,000. Obviously, change is in the air.
The purchasing power for employees is an interesting thought. The key, of course, is to keep your job and even lawyers are facing challenges here.
And “readjustments” in the work force are taking place more quickly because of our recent adherence to “just in time” management. Interesting concepts. How is your firm handling the changed economic conditions?
Tags: Cash Flow - Finances
Categorized in: Cash Flow - Finances