U.K. listed law firm DWF has postponed its firm-wide annual salary review until the end of the calendar year, as the firm's share price continues to slide, with the firm citing a need for better visibility of the current economic outlook. 

The salary reviews typically take place in July, meaning this year's pay reviews will take place five months later than usual, according to two people with knowledge of the listed law firm. 

The development comes just days after the firm announced sweeping new cost-cutting measures, including the closure of two offices in Singapore and Brussels, as well as staff cuts at the firm's Cologne and Dubai offices.

In total, 60 roles have been axed so far, including 13 partners. 

It has been a testing few months for the main market-listed firm, which in May replaced its long-time chief executive Andrew Leaitherland with chairman Sir Nigel Knowles. 

At the time of publication, the firm's share price was down nearly 5% to 46p – its lowest ever value, and down two-thirds on its pre-COVID market high of 143p. The firm floated on the London Stock Exchange's main market in March 2019.

In a statement on the latest measures, a DWF spokesperson said: "'DWF has deferred its annual pay review from July until December. 

"This is to allow the pay review to be conducted at a time when there is greater certainty and visibility on the economic outlook."

DWF is not the only firm to have pushed back salary reviews. Others including Allen & Overy, Clifford Chance and Herbert Smith Freehills have suspended reviews citing coronavirus disruption. 

In April, DWF also moved to extend its current arrangements with its bank with a secondary revolving credit facility of £15 million, in place for 18 month, in addition to its existing £80 million facility.

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