International law firm Clifford Chance is taking several measures to deal with the ramifications of Covid-19 (Coronavirus) including deferring bonuses and delaying pay rises.
Announced this week to 6,600 employees, the organisation has confirmed salary reviews and pay increases will be on hold indefinitely, with the earliest review date set for November 2020.
The organisation will also be delaying partner bonuses and partner profit distributions with both being deferred until November.
These measures have been put into place to ensure that the organisation is financially secure for the foreseeable future.
Clifford Chance has no plans to make any redundancies furloughs, or pay reductions during the Coronavirus pandemic.
A spokesperson at Clifford Chance said: “We are a strong and resilient organisation with over five years of robust global growth behind us. Our teams are always a source of huge pride, they are fantastically talented, motivated and collaborative, and never more so since the virus has begun to spread. Over the coming months, our aim is to keep these teams together and to work shoulder to shoulder with our clients who need our support now more than ever.”