Staff at Simmons & Simmons have agreed to a 20% pay cut and a four-day working week, as the international firm strives to protect jobs.
From 1 July staff across the global network will reduce their hours by 20% and see an equivalent drop in salary. Simmons & Simmons follows in the footsteps of Eversheds Sutherland, Norton Rose Fulbright and Baker McKenzie, all of which have asked staff to vote on lower pay.
A spokesperson for the firm said: ‘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.’
Profits are expected to fall in 2020/21, with partners braced to take a lower share. However, the firm will pay a discretionary bonus to those who voted in favour of the scheme if it performs better than currently expected.
In April, Simmons & Simmons delayed partner distributions and deferred decisions on staff pay and bonuses.