Stephenson Harwood Bucks Trend By Maintaining Bonuses, But Furloughs Some Staff
Though the firm has taken other measures, it is a rare move at a time when most firms have halted bonuses amid the COVID-19 pandemic.
April 29, 2020 at 11:36 AM
2 minute read
Stephenson Harwood has bucked the trend set by many law firms by confirming it will be pay out bonuses to staff, despite the financial insecurity brought on by the coronavirus pandemic.
The firm has, however, introduced a number of other financial measures including deferring partner distributions and furloughing administrative staff to offset the coronavirus disruption.
In a statement, firm chief executive Eifion Morris said that all bonuses will be paid out without deferral or delay.
He added: "The rationale is quite simple: our 2019/20 financial year will be strong in the circumstances, and that's largely down to tremendous efforts from our people. Bonuses are retrospective, and it's right that these efforts be recognised and rewarded."
The firm has moved to withhold quarterly distributions for equity partners adding that its cash balances were good but the move was necessary due to the unpredictability of the situation.
According to the firm, no salaries have been reduced, nor are there any plans to implement reduced working hours. However, the firm is assessing how it will approach salary reviews.
19 administrative staff have also been placed on the government furlough scheme, with the firm committing to top up all salaries to 100%.
Morris added in a statement: "When a team has its back against the wall that is when you find out what the team is made of – and that's what's happened from the end of January in our Asian offices and more recently in our Dubai and European offices. The courage, commitment and perseverance of people across our business has been exceptional."
Many law firms have now introduced special financial measures to deal with the economic threat of the COVID-19 pandemic. Most recently Simmons & SImmons and Ashurst moved to delay promoting partners due to the fallout.
Stephenson Harwood announced today that six lawyers had been added to the partnership, including four in its Hong Kong office.
Read more
Simmons Becomes Second Major Firm to Delay Partner Promotions
A Firm-By-Firm Guide on the Latest Pandemic Measures
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