Taylor Wessing Furloughs Associates, Splits Bonuses and Approves Reduced Hours Scheme
The firm had previously announced plans to furlough some fee-earning and business services staff.
June 10, 2020 at 12:27 PM
2 minute read
Shane Gleghorn, Taylor Wessing U.K. managing partner
Taylor Wessing has furloughed some of its U.K. associates and will pay out bonuses to the group in two instalments in order to hedge itself against the economic impact of COVID-19.
A "small number" of U.K. based associates have been furloughed, according to several people at the firm. The measure was taken at the start of June as part of the furloughing scheme announced by the firm in April.
The firm will now split its associate bonuses into two payments, set to be made in July and November 2020, instead of the usual single sum, a spokesperson for the firm confirmed.
Meanwhile its proposed flexible hours scheme, offered at the same time it took several initial measures in response to COVID-19, has been approved.
Of those valid to opt for the offering, 99% voted in May in favour of the measure, the firm said.Starting in July, the scheme will allow some staff to work reduced hours for reduced pay.
Taylor Wessing managing partner Shane Gleghorn said in a statement: "In response to the current environment, we have proposed a slightly different approach to our bonus scheme this year. Our normal bonus scheme will go ahead as planned and individuals will be notified of their award in July. We anticipate that the bonus payments will be split so that they receive 50% of their bonus in July and the remaining 50% in November this year.
The firm had also previously withheld partner quarterly profit distributions, in line with many of the top firms in London.
Firms have taken a slew of measures in response to the crisis. Reed Smith is set to make some London lawyer redundancies, while fellow U.S. headquartered firm Dorsey & Whitney has cut four associates in London.
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Taylor Wessing Furloughs Staff and Suspends Distributions in UK
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