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Commercial Awareness Update April 2020
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<blockquote data-quote="Jaysen" data-source="post: 27920" data-attributes="member: 1"><p><strong><em><u>Law Firms in the COVID-19 crisis</u></em></strong></p><p></p><p><em>From this week, TCLA is introducing a new feature to the newsletter: an update on the steps being taken each week by City firms during the COVID-19 crisis. We hope to provide updates on how individual law firms are seeking to counter the likely financial impacts to their businesses, as the firms may of you are looking to apply to.</em></p><p></p><p><strong>Clifford Chance: </strong>the firm has frozen pay for employees, pushed back anticipated bonus packages and postponed partner profit distributions until late 2020 (The Lawyer).</p><p></p><p><strong>Dentons: </strong>the firm’s UK and Middle East arm (which operate under the same UKME LLP) furloughed business support and secretarial staff across their UK offices until 31st May but will top up their salaries to 100%. Other staff have been asked to take 50% of their annual holiday before September. The firm had already deferred partner distributions (Law.com).</p><p></p><p><strong>Gateley: </strong>several trainee solicitors have been furloughed on full pay, or had their qualification date pushed back to December 2020, citing concerns over a lack of NQ roles for those due to qualify in August 2020 (The Lawyer).</p><p></p><p><strong>Hogan Lovells: </strong>the firm has decided to furlough 30 business support employees. Salary reviews and bonus for lawyers have been postponed, alongside the postponement of partner distributions. The firm cancelled its summer vacation scheme for students, opting to make direct training contract offers to some applicants, whilst others were offered an alternative placement on their winter scheme. All other recruitment was ceased in March (The Lawyer).</p><p></p><p><strong>Reed Smith:</strong> the firm announced an unpaid leave programme, which allows voluntary unpaid leave to be taken by staff and reduced partner cash distributions (The Lawyer).</p></blockquote><p></p>
[QUOTE="Jaysen, post: 27920, member: 1"] [B][I][U]Law Firms in the COVID-19 crisis[/U][/I][/B] [I]From this week, TCLA is introducing a new feature to the newsletter: an update on the steps being taken each week by City firms during the COVID-19 crisis. We hope to provide updates on how individual law firms are seeking to counter the likely financial impacts to their businesses, as the firms may of you are looking to apply to.[/I] [B]Clifford Chance: [/B]the firm has frozen pay for employees, pushed back anticipated bonus packages and postponed partner profit distributions until late 2020 (The Lawyer). [B]Dentons: [/B]the firm’s UK and Middle East arm (which operate under the same UKME LLP) furloughed business support and secretarial staff across their UK offices until 31st May but will top up their salaries to 100%. Other staff have been asked to take 50% of their annual holiday before September. The firm had already deferred partner distributions (Law.com). [B]Gateley: [/B]several trainee solicitors have been furloughed on full pay, or had their qualification date pushed back to December 2020, citing concerns over a lack of NQ roles for those due to qualify in August 2020 (The Lawyer). [B]Hogan Lovells: [/B]the firm has decided to furlough 30 business support employees. Salary reviews and bonus for lawyers have been postponed, alongside the postponement of partner distributions. The firm cancelled its summer vacation scheme for students, opting to make direct training contract offers to some applicants, whilst others were offered an alternative placement on their winter scheme. All other recruitment was ceased in March (The Lawyer). [B]Reed Smith:[/B] the firm announced an unpaid leave programme, which allows voluntary unpaid leave to be taken by staff and reduced partner cash distributions (The Lawyer). [/QUOTE]
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