Clydes Becomes Latest Firm To Furlough UK Staff And Defer Distributions
The firm has also established a hardship fund which staff who face unique financial concerns and constraints can apply for support from.
April 17, 2020 at 10:14 AM
2 minute read
Matthew Kelsall and Peter Hirst, Clyde & Co CEO and senior partner.
Clyde & Co has become the latest U.K. firm to bring in sweeping financial measures in a bid to prepare the firm for the financial uncertainty inflicted by the COVID-19 pandemic.
The firm has stated that it will place a number of employees, predominantly in business support functions, on the U.K. government's Coronavirus Job Retention Scheme.
The firm is supporting those on furlough to take on volunteer work where they wish to, according to a spokesperson for the firm. It added that where possible, people in practice areas particularly affected will support other areas of the firm where client demand for services is high.
Other measures taken by the firm include deferring the next round of partner profit distributions as well as deferring salary reviews and promotions until later in the year along with some recruitment.
Finally, in recognition that some people may face unique financial concerns and constraints in this period, a hardship fund has been set up, to which employees can apply for support.
In a statement on behalf of the board, Clyde & Co senior partner Peter Hirst, said: "The Covid-19 pandemic is presenting all businesses with unprecedented challenges and levels of uncertainty. I am proud at the way everyone at the firm is responding to make sure we continue to serve the needs of our clients as they navigate these uncertain times.
"As you would expect, we are monitoring our business very closely as we work through the crisis and are taking responsible measures to protect the long term financial health and stability of the firm and to protect jobs wherever possible."
Clydes becomes the latest in a swathe of firms to take precautionary financial measures as a result of the pandemic.
Earlier in April, a number of firms including BLM, Hogan Lovells, DLA Piper, Ashurst, Weightmans, Burges Salmon and Taylor Wessing furloughed staff. Many also moved to defer or reduce partner distributions, including Freshfields Bruckhaus Deringer, Linklaters, Allen & Overy and Slaughter and May.
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