Exclusive: Planned redundancies in financial services up 46 per cent in last quarter December 7, 2022 Redundancies in financial services are up 46 per cent in the last quarter as employers look to save money amid the prospect of a bleak economic winter. Recessionary headwinds have “caught up” with hundreds of firms, forced to move on from desperately filling a shortage of staff, to letting existing employees go. In figures exclusively [...]
UK’s new flexible working laws still give employers right to reject requests, employment lawyers say December 5, 2022 New rules aimed at boosting uptake of flexible working arrangements still give employers’ significant discretion to reject those requests, lawyers have told City A.M. New laws aimed at increasing flexibility in the workplace, by giving low paid workers the legal right to ask for a more flexible arrangement and letting all staff ask for flexible [...]
Ageing population and weaker post-Brexit migration has damaged UK economy, experts claim December 5, 2022 An ageing population, weaker migration inflows since Brexit and a sicker society due to the pandemic has damaged the UK long-term economy’s health, top City economists have warned. A steadily rising elderly population has resulted in a jump in Brits leaving the jobs market to take retirement or due to ill health, putting the workforce [...]
Link between long-Covid and work absence is strongest in older workers, ONS says December 5, 2022 A link between so-called ‘long Covid’ and absence from the labour market has been highlighted for the first time since the pandemic. Latest figures from the Office for National Statistics show 23.3 per cent of 16-64 year-olds with long-covid were economically inactive as of July of this year. This, compared to 21.4 per cent being [...]
Criminal solicitors ‘highly unlikely’ to make ‘reasonable’ living, Law Society warns December 1, 2022 The UK government’s refusal to hike criminal solicitor’s legal aid fees by 15 per cent means it is “highly unlikely” those lawyers coming into the job will be able to make a “reasonable” income from their work, the Law Society has warned. Law Society president Lubna Shuja said justice secretary Dominic Raab’s refusal to increase [...]
Bird & Bird hikes new lawyers’ salaries for second time this year December 1, 2022 London law firm Bird & Bird has given its newly qualified (NQ) lawyers a pay hike for the second time this year. The law firm has given its NQ lawyers a five per cent pay rise in upping their annual pay to £92,400 per year, a Bird & Bird spokesperson told City A.M. The pay [...]
BDO partners see payouts drop following £70m hiring spree November 30, 2022 BDO’s managing partner today said the firm will continue investing in long-term growth after partners saw their payouts drop 15 per cent as the result of a £70m spending spree. Speaking to City A.M. Paul Eagland also refused to rule out a firm-wide split as he signaled BDO may follow EY in separating its audit [...]
Workers’ real pay erodes at historic pace despite huge wage rises November 15, 2022 Workers’ pay is still being eroded at a historic pace by rampant inflation despite employers hiking wages by one of the greatest amounts since records began, official figures revealed today. When taking off the Office for National Statistics’ (ONS) preferred measure of inflation, pay excluding bonuses dropped 2.7 per cent over the last three months, [...]
City pay war continues as top US law firm hikes London lawyers salaries to £170,000 November 14, 2022 New York City law firm Simpson Thacher has hiked salaries for its newly qualified (NQ) lawyers to heights of £170,000 a year in a sign the City pay war is showing no signs of slowing down. The white shoe law firm has given NQ lawyers in its London offices a £12,000 a year pay [...]
Businesses scrambling to hire staff in heated job market despite recession picking up November 5, 2022 Businesses are still desperate for staff, with increases in adverts for occupations including childminders, school secretaries and dental practitioners, new research suggests. The Recruitment and Employment Confederation (REC) said there were 154,000 new job adverts in the week of 17-23 October, slightly lower than a month earlier. The number of adverts has remained stable at [...]