Taylor Wessing Cuts Partner Drawings and Readies Reduced Hours Scheme
The firm has also delayed its partner promotions round until later this year.
May 12, 2020 at 11:25 AM
2 minute read
Taylor Wessing's London office.
Taylor Wessing has taken further measures to combat the impact of the COVID-19 pandemic on its business.
The firm is set to reduce hours and pay across its U.K. offices, and has also reduced partner drawings, delayed its partner promotions round and postponed annual salary reviews as part of its latest measures to tackle the economic hit caused by the coronavirus pandemic.
The firm has cut partner drawings by 20% after it announced in April that it was withholding partner profit distributions as well as furloughing staff.
The firm is also asking staff to sign up to a flexible hours programme from the beginning of June. The programme will allow staff to work reduce hours for a reduced salary, by varying degrees depending on department and up to a maximum of 20%.
Business services staff at the firm have been asked to purchase an additional two weeks holiday from the firm, which would work out as a reduction to their salary of around 8%, a spokesperson added.
Managing partner Shane Gleghorn said that similar measures regarding pay and working hours reductions are being put in place in international offices such as Germany.
He added: "In terms of the international side of the business, there is a different speed of response in different jurisdictions to these events which means we have had to have bespoke approaches to this." He added that the firm's Hong Kong office is now re-open.
Earlier this month, Eversheds Sutherland also announced plans to cut hours and pay of employees in sectors which have seen a downturn in activity.
Norton Rose Fulbright and Pinsent Masons have also enacted proposals to move staff to reduced hours and pay as a result of the pandemic.
Read more
Eversheds Sets Up Scheme to Facilitate Hours and Pay Reductions
Norton Rose Staff Approve Four Day Week As More Firms Slash Partner Pay, Furlough Staff
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