Reed Smith Halts All Business Services Hires In Latest COVID-19 Measure
The firm has taken several measures to shore up its finances against the impact of COVID-19.
June 08, 2020 at 05:00 AM
2 minute read
Reed Smith has stopped hiring business professionals for the rest of 2020.
Reed Smith has frozen hiring of all business services staff until the end of 2020, the firm confirmed in a statement on Monday.
The decision comes a week after the firm announced it would lay off some of its lawyers in London as well as new salary cuts for professionals earning over $100,000.
The new measure will not affect the hire of lawyers or partners, according to a spokesperson for the firm.
A spokesperson for the firm said in a statement: "The firm has implemented a global hiring freeze for all professional staff for the rest of the year. Like the other management actions we have taken since the emergence of COVID-19, this is to ensure our business emerges from the pandemic in a position of strength.
"There is currently no freeze on the hiring of lawyers and partners as we want to ensure that we have the right talent within the firm to respond to the evolving needs of our clients as the global economy begins to recover. We remain open to seizing the best opportunities to enhance our offering."
The firm has put several measures in place since March to counter the economic difficulties triggered by COVID-19, including trimming associate pay by 15% and slowing partner pay.
Read more:
Reed Smith Defers Bonuses As Withers, Weightmans Furlough Staff
'Survival Mode' Is Now for Some Law Firms, While Others Plan and Wait
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