Solicitors at Eversheds Sutherland whose salaries were cut as a result of the pandemic will be reimbursed next month after the international firm reported it was performing ‘strongly against its budget’.
In June 2020, Eversheds Sutherland introduced a flexible working scheme which reduced the earnings and working patterns of some lawyers by up to a fifth. However, the firm will repay the reductions in March ‘in appreciation for the support shown for the scheme’.
Staff who signed up to the scheme but did not work reduced hours because they remained busy will also receive a one-off payment ‘in recognition of the very positive impact those teams have had on the firm’s financial performance’.
Chief executive Lee Ranson said: ‘A key driver for the creation of the flex scheme was a desire to take collective action for the benefit of all - an extraordinary measure in extraordinary times. Despite the challenges of the last year, the firm has performed strongly against budget and it is therefore right that we make these payments in appreciation for the support shown for the scheme.’
Eversheds Sutherland has also repaid the furlough money it received from the government at the height of lockdown, and year-end bonuses will be handed out as normal.
A number of City firms have made similar announcements after performing better than expected during the pandemic. The European network of Dentons, for example, is paying back the contributions made by staff as part of its Covid-19 financial measures in 2020.