Clifford ChanceClifford Chance Defers Partner Distributions in Virus Response
The firm has also said that it will be freezing salary reviews and pay increases to offset the economic effects of the COVID-19 pandemic.
April 21, 2020 at 08:27 AM
2 minute read
Clifford Chance has deferred its global partner distributions and is freezing salary reviews and increases in the wake of the coronavirus outbreak.
A spokesperson for the firm said that the firm is not planning on furloughing staff or making any COVID-related redundancies, and added that, while the firm will be paying bonuses, the payment of some may be delayed.
The firm is the last of the Magic Circle to announce measures to hedge firms against the economic effects of coronavirus.
The firm said in a statement: "We are a strong and resilient organisation, with over five years of robust global growth behind us. Our teams are always a source of huge pride, they are fantastically talented, motivated and collaborative, and never more so since the virus has begun to spread.
"Over the coming months our aim is to keep these teams together and to work shoulder to shoulder with our clients who need our support now more than ever."
At the end of March, Allen & Overy asked partners to contribute cash to the business, with Freshfields Bruckhaus Deringer having suspended its latest partner distributions at the start of this month and Slaughter and May suspending partner pay.
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Norton Rose Staff Approve Four Day Week As More Firms Slash Partner Pay, Furlough Staff
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