HFW, Watson Farley Furlough Staff as Baker McKenzie Cuts Pay
Watson Farley Williams, HFW and Addleshaw Goddard are the latest firms to take measures to protect their businesses and people amid the COVID-19 pandemic.
April 14, 2020 at 08:24 AM
3 minute read
More firms are responding to the COVID-19 crisis.
Baker McKenzie, Watson Farley Williams, HFW and Addleshaw Goddard are the latest firms to take measures to financially shore up their businesses as the legal industry continues to take a pummelling from the COVID-19 pandemic.
Watson Farley Williams has furloughed 49 non-fee earners across its U.K. operations, according to a spokesperson for the firm on Tuesday. It has also suspended partner distributions but is not freezing salaries or postponing promotions.
A spokesperson added that the firm will take decision as to whether those measures "might become necessary" when the firm has "more information and a better understanding of the impact of the current situation."
HFW confirmed on Tuesday it has furloughed "a small number" of staff and deferred a portion of partners' pay. All its staff must take 25% of their annual holiday allowance by the end of June, and the firm has also frozen pay rises for the 2020-21 financial year.
Baker McKenzie is cutting its U.S. lawyer and staff salaries by 15%, the firm said Monday. The salary reductions will not affect those earning less than $100,000, and no one will see their compensation reduced below that threshold.
Addleshaws, meanwhile, has now deferred its partner distribution due to be paid out in May.
A spokesperson for the firm said in a statement on Tuesday: "Even though we have really strong finances we are taking protective measures in the face of the biggest economic crisis since 2008, whilst still caring as best we can for our teams and our clients… the partners agree that this is not the time to be distributing profit unnecessarily and so the May distribution is deferred."
The firms join a slew of others to take measures in response to the global crisis.
Other firms to have implemented similar measures include Slaughter and May, which has suspended partner pay for an indefinite period. Several firms have also taken steps to furlough staff, such as DLA Piper, Eversheds Sutherland, Taylor Wessing and Pinsent Masons.
Read More:
Five Financing Options for Law Firms in Challenging Times
Quinn Emanuel Partner Dies Of COVID-19
Baker McKenzie To Trim Lawyer, Staff Salaries by 15% in US
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