Simmons & Simmons global staff have voted to reduce their working hours and pay by 20%.
The measures will take effect from July 1, a firm spokesperson said.
A person close to the situation said that if the firm performs better financially than expected, a discretionary bonus will be paid to those who voted in favour of the scheme.
The firm spokesperson added: “Preserving jobs is our priority and the firm will continue to make proactive decisions around business management to maximise our prospects of doing so and to ensure the firm is in a position to emerge stronger from these conditions.”
Earlier this year, the firm delayed partner distributions and deferred decisions relating to staff pay and bonuses until later in the year.