An international law firm is reducing partner drawings and has asked employees to adopt an 80 per cent work pattern and equivalent remuneration reduction, among other new measures to combat COVID-19.
Ashurst has unveiled new measures which it says will “ensure the firm’s financial resilience during and beyond” the global coronavirus pandemic.
The measures form part of the firm’s new “Stronger Together” program, which it says is focused on ensuring the Ashurst community works together “to ensure job security is protected, the health and wellbeing of our people [are] supported, and the culture of the firm is preserved”.
“The health crisis we are seeing in the countries where we operate is unprecedented. We’re all trying to do the best we can to navigate the very different world we now find ourselves in,” said Ashurst global managing partner Paul Jenkins.
“As a global business, Ashurst like many others is affected by the economic disruption being caused by COVID-19. We start from a solid financial position and so far across the firm, our activity is holding up well in the circumstances. We are looking ahead in a responsible way however, and must anticipate that given the global economic slowdown we may see less activity in the markets in which we operate.
“As such, we are managing our business prudently in case the impact is protracted. We believe the measures we are putting in place are in the best interests of the whole firm and will assist in ensuring we maintain outstanding service to clients and our strong performance of recent years.”
The measures being implemented by the firm include: reduction in monthly sums paid to partners by 20 per cent for the next six months, salary reviews for the coming 2020-21 financial year will be deferred until November 2020, and bonuses for eligible staff will be staggered, with 50 per cent to be paid in July of this year and the remaining 50 per cent paid in November.
Additionally, employees have been asked to adopt an 80 per cent work pattern for three months from May 2020 with an equivalent reduction in remuneration. Staff will, however, retain all full entitlements such as leave, superannuation and pension contributions.
