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.
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
FCA Fines Metro Bank £16.7M Over ‘Financial Crime Failings’
Law Firms Mentioned
Trending Stories
- 1Judicial Ethics Opinion 24-59
- 2The American Lawyer Names Industry Award Winners
- 3Regulatory Upheaval Is Coming. How Businesses Prepare and Respond Will Separate Winners and Losers
- 4Cravath Elevates 7 to Partnership, Up From Last Year
- 5Kline & Specter Hit With Lawsuit From Another Former Associate
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
