Solicitors' pay drops by up to 50pc in downturn
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.