Bonus payments will be split into two instalments
Taylor Wessing has furloughed some of its lawyers and given the green light for its new flexi-working scheme.
A small group of UK-based associates have been put on furlough. The measure was taken at the start of this month as part of the firm’s furlough scheme announced in April. TW said at the time it will furlough some staff whose roles were impacted by the move to remote working.
The international firm has also approved its new flexible working programme which will see some of its employees across its UK offices work reduced hours for reduced pay (up to 20%).
Ninety-nine percent of those eligible for the scheme voted in favour of it, the firm said.
The scheme was announced as part of a series of measures the firm took in May to hedge against the financial impact of COVID-19.
TW previously confirmed its first and second year trainees will take an 8% cut in hours and pay under the proposals.
The firm will now split its associates’ bonuses into two payments, to be made in July and November 2020, instead of the usual single sum.
Taylor Wessing managing partner Shane Gleghorn said in a statement:
“In response to the current environment, we have proposed a slightly different approach to our bonus scheme this year. Our normal bonus scheme will go ahead as planned and individuals will be notified of their award in July. We anticipate that the bonus payments will be split so that they receive 50% of their bonus in July and the remaining 50% in November this year.”
TW previously cut partner drawings by 20% and delayed salary reviews until the autumn.