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Business Spectator reports that a diminishing level of M&A action is leading to some difficult behaviour in the Australian law firms. 'Partners at the top in M&A and ECM (equity capital markets) are defending their positions,' says Katherine Sampson of Mahlab Recruitment. Senior associates are not getting the amount of experience - often totalling over US$2 million a year in their fees and the fees of juniors they supervise - in order to make it to partnership. And partners are taking the credit for some of the work they do, particularly on shared projects. Some associates are also being left off the invitations lists for client parties and celebrations to mark the end of a transaction.
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