Credit: Mike Scarcella/ALMNorton Rose Cuts Five People As Osborne Clarke Lowers NQ Pay
Norton Rose has made further decisions on when to pay bonuses and whether to commence paying out profit distributions.
June 26, 2020 at 06:39 AM
3 minute read
Norton Rose Fulbright has cut five members of its global IT function, the firm confirmed in a statement Friday, as it looks to return to some level of normality amid the coronavirus pandemic.
A firm spokesperson said in a statement that it had decided to undertake a round of cuts for roles in its IT function prior to the COVID-19 crisis.
Following its latest review of its COVID-19 financial measures, the firm is now set to start paying out deferred bonuses in July. It will split bonus payments into two, with half paid then and the remainder paid in October.
The firm will continue to defer partner distributions and any decision on salary reviews, a spokesperson confirmed on Friday.
Osborne Clarke, meanwhile, has cut its newly qualified (NQ) associate pay by 7%. The firm said in a statement on Friday that London NQs will be paid £66,030 compared to £71,000 last year, while Reading and Bristol NQs will receive £50,220 and £48,360 respectively.
The salary reduction is in line with previously announced firmwide cuts of 7% announced in May. The firm has also added that it intends to pay back all staff, including NQs, dependent on the firm hitting financial targets in the coming year.
Norton Rose is also set to reopen its London office on July 6 for those who need or want to work there, and will provide a $300 allowance to all Europe, Middle East and Asia (EMEA) staff wishing to continue working from home to spend on home office equipment, the spokesperson added. Any staff that it had previously placed on the U.K. government's furlough scheme, meanwhile, will return to their work in July, as the firm is set to quit the scheme at the end of June.
Last month, the firm released the results of its survey on working from home across its EMEA offices, which showed only 12% of the staff across that region felt comfortable returning to the office.
This is the latest development in the measures the firm took to curb the effects of the coronavirus pandemic on its finances. In April, the firm's EMEA staff approved a four-day working week for a 20% reduction in pay.
On Thursday, unlike several other firms in London, the firm said it is aiming to increase its newly-qualified lawyers' pay, though the amount has not been decided yet.
|Read More:
Pay Cuts, Layoffs and More: A Firm By Firm Guide on Pandemic Measures
Latham and More Hold London NQ Rates as Hogan Lovells Cuts Pay
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