Solicitors' pay drops by up to 50pc in downturn
Published 30/08/2011 | 05:00
IRELAND'S legal eagles have suffered pay cuts of up to 50pc since 2008.
And the majority of them are still dependent on work from the property sector, which is in a state of collapse.
The figures come from the Dublin Solicitors Bar Association (DSBA), which conducted a nationwide survey showing the extent of pain solicitors were facing throughout the country.
The survey reveals how roughly two-thirds of solicitors have taken a pay cut of up to 50pc as a result of the downturn in business.
Despite the collapse in the property market, 83pc of firms still state conveyancing as their largest area of expertise, which indicates a lack of diversity.
Nearly 40pc of firms have reacted by making staff redundant -- there are now 1,000 unemployed solicitors as a result of the downturn.
Solicitors are increasingly focusing on debt collection as a new area of business, the survey revealed. More than 40pc of solicitors reported a rise in debt collection work.