hello eveyrone. sorry again for capitals in the title to the thread.
I need some urgent advice please on redundancy/employment/ stratedgy really.
I am a commercial prpoerty solicitor practicing in a small firm just outside london. I am/was on a very generous package of shorter than usual hours and west end type salary.
my firm ( but not me) dealt wiht many of the big home lenders who have ceased business. thus two thirds of hte firm have been made redundant in recent months.
this morning I was placed at risk of redundancy and asked to take a 50% salary drop to avoid this. All delivered wiht grace and humility by the partners who find all this very difficult. they talked about me being future of firm and recognise my hard work ( I am a rainmaker and have continued tyring to make it rain during bad times - plenty of contacts/promises but nothning certian at th emomemtn)and want to keep me but can't afford it. all this I belive to be 100% true.
My dilemma is this:
1 Whether to accept this 50% drop in salary which would be very hard for us but potentially doable in the short term. Long term we would be in financial trouble but long term hopefully markets would pick up and firm said as and when that happened all could be reviewed ( they did not however say that when all picks up etc my salary would go back to normal though).
2 Whetehr to look elsewhere now. I have a 2 week consultation period after which I would be made redundant . At that point i would be asked to leave and given one month's pay ( my notice preiod pay) . So I have a further 2 weeks wiht my feet behind my desk so tp speak after which I would have nothing ( if I didn't find another job). This is importatn to me as I have several active clients and lots of potentials that I keep in contaact wiht and couldn't really be out of work for more than a week or so without risk of losing htem and all my hard work.
3 Whether to accept what they are offering and then look around for a better paid job. What also concerns me is long term security as they have indicated that even if I accept this they can't promise secirty and redundnacy may rear its head again in another month or two.
Please help me ttry to make a decision. ............
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URGENT - Sorry for the capitals - I need some urgent employment advice please - any solicitors advice partic welcome as i am a solicitor
30 replies
lisalisa · 22/09/2008 10:18
OP posts:
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