The UK Law Gazette reports…”Top-100 firm Keystone Law has stated that it will not furlough any staff during the coronavirus crisis, in a thinly-veiled swipe at competitors rushing to cut costs.
James Knight, chief executive and founder of the listed remote working firm, used today’s financial results announcement to make clear there was no intention to use the government’s job retention scheme.
A number of leading firms have collectively furloughed hundreds of staff since the lockdown began.
Knight said that his firm was in a good position to weather the storm, but had opted for a different response to others in the same position.
‘We are very likely to see a meaningful reduction in client instructions, particularly in terms of corporate transactions, and a consequential drop in anticipated earnings,’ he said. ‘However, I do not believe it is ethically responsible to take government money designed for genuinely cash strapped businesses, in order to maximise our own profits.’
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