Part of a wider roll back on its emergency coronavirus measures
Taylor Wessing has ended its reduced hours and pay programme early as part of a wider roll back on its emergency coronavirus measures introduced this summer.
The scheme, which had been expected to last six months, was part of a series of financial measures the firm put in place to hedge against the financial impact of COVID-19. It also delayed pay reviews, furloughed staff, withheld partner profit distributions, and reduced partner drawings by 20%.
TW has now restored hours and salaries to their former levels across all parts of the business in response to client demand, and pay reviews have also been reinstated. Partners will receive a part-distribution of the 2019-20 profits and monthly drawings will be restored to 100%.
All members of staff who had been placed on furlough have now returned, and the firm is looking to support those who cannot work remotely by paying their salaries in full without accessing the extended furlough scheme announced by the government on Saturday.
For those whose roles cannot be performed remotely, and who don’t want to accept the option of full salaries paid over the coming months, the firm will make available a voluntary leavers programme. This option is for “a small number” of staff and does not affect trainees and lawyers, a spokesperson from the firm confirmed.
On ending the measures early, managing partner Shane Gleghorn said:
“It has been hugely impressive to see how everyone in our firm has responded to the challenges and their teamwork and creativity has been apparent during this period. The decision to remove some of the measures that we had put in place reflects client demand across many areas and the confidence in our strategy which has flexed well to deal with the pandemic.”