UK: A&O Announces That It Would Be “Prudent To Tighten Their Belt

A&O has said although  it is in a “very strong financial position”, it had decided it was sensible to introduce “prudent” measures.

“These include adjustments to the phasing of profit distribution to partners, increasing partner capital levels, deferring certain investments and recruitment, and cancelling events,” A&O said in a statement.

A&O said it would still award bonuses for this financial year, but split between the normal payment date in July and October’s payroll.

“For staff, including fee earners and business support staff, we have decided not to undertake annual salary reviews in the first quarter of the forthcoming financial year.”

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https://www.reuters.com/article/health-coronavirus-finance/coronavirus-clampdown-prompts-british-professional-services-to-cut-costs-idUSL5N2BO003