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.
Firms have taken a slew of measures in response to the crisis. Taylor Wessing furloughed a number of its U.K. associates in June while Reed Smith is set to make London lawyer redundancies.
Read More:
Addleshaws and Simmons To Furlough Staff As More Firms Hold Back Profits
Taylor Wessing Furloughs Associates, Splits Bonuses and Approves Reduced Hours Scheme
Reed Smith To Lay Off London Lawyers, Extend Salary Cuts and Trim Workweeks
Morgan Lewis Holds London NQ Pay as Norton Rose and Paul Hastings Mull Options
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
