International law firm CMS is deferring bonus payments and annual salary reviews for 3,500 employees to remain financially secure during the Covid-19 (Coronavirus) pandemic.
The organisation has made the decision to split partner bonuses in two: 50% will be paid in July 2020, while the remaining 50% will be paid in the autumn. CMS is also delaying its annual salary review for partners, which will also be reviewed in the autumn.
The law firm has also confirmed that it will not be using the government’s job retention scheme to furlough any employees at CMS.
Despite not making any additions or restrictions to holiday pay, the firm is encouraging employees to take paid leave during this time to avoid unnecessary pressure later in the year.
A spokesperson from CMS said: “We have been proactive and swift to take measures to protect the firm and our people. We were technology-enabled to be ready for working remotely and have had all staff working efficiently and we are holding large and small meetings on Microsoft Teams.
“All partner meetings are held every two weeks and our board meets weekly. Both partners, Penelope Warne and Stephen Millar are communicating regularly with partners and staff. High visibility and accessibility of our leadership are important. Excellent, important, ongoing and new client work continues and we are grateful for the hard work of all our people in continuing to look after our clients and our teams. This is the lifeblood of the ongoing and future health of the firm.
“Our paramount aim is the protection of the firm and our people in this context. We will not be knee jerk or short term in our approach but we will act when it is necessary to do so.”