Clifford Chance, RPC and Deloitte Legal have all introduced measures to bolster their finances in the face of growing disruption wrought by the COVID-19 pandemic.
Both CC and RPC have provided allowances for staff to cover remote working expenses, according to people at the firms.
CC had initially provided £200 to assist with purchases, but has now doubled that allowance to £400, according to a person at the firm.
RPC is offering its people £150 each to buy any necessary equipment to help with remote working. A spokesperson for the firm said: “I can confirm that we provided all our people with a £150 fund to help make remote working more straightforward. Most of our people already had laptops and work mobile phones but in the current environment where people have to work from home over a longer period of time we wanted to make sure everyone had what they needed, as much as anything to smooth the impact of what is a challenging time for all of us.”
Meanwhile, Deloitte Legal has deferred its partner profit distributions and expects a decline in partner annual earnings of around 20%, according to a LinkedIn article by the Big Four accountant’s senior partner and CEO Richard Houston.
He also announced that all staff across the auditor have the option to temporarily reduce working hours, and that salary increases, bonus pay outs and promotions will be deferred to later in the year.
The move follows similar decisions by rivals KPMG, EY and PwC in recent weeks.
Deloitte has followed the other Big Four firms in taking measures to mitigate against the financial impact of the COVID-19 pandemic.
PwC froze promotions, pay rises and bonuses across its whole U.K. business, while KPMG partners have taken a pay cut. EY has also cut back pay and working hours.
The latest law firms to have introduced measures aimed at protecting their businesses during the pandemic include Ashurst, Reed Smith and Norton Rose Fulbright.
Read More:
How Do Partners Feel About COVID-Driven Pay Changes?
Big Four Legal Arm Head Says COVID-19 Will Change the Way Law is Practiced
Deloitte Legal Europe Head Steps Down After 6 Months In Role
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