Law firm Reed Smith is introducing an unpaid leave scheme for its 1,500 employees to deal with the financial constraints of Covid-19 (Coronavirus).
The organisation is offering employees the option to take up to three months of unpaid leave. During this time, all benefits such as healthcare and life insurance will remain in place.
The enhanced benefit is the organisation’s latest solution to deal with the ramifications of the pandemic in a bid to avoid further furloughs and pay cuts.
So far, Reed Smith has deferred non-lawyer bonuses, as well as furloughing staff from functions including facilities and the reception team. Board associate members have also taken a 15% pay cut.
A spokesperson at Reed Smith said: “We recognise that our people might want a break because of unique, individualised demands due to the Coronavirus pandemic or other reasons.
“To meet that need, Reed Smith is offering our lawyers and professional staff the option to select an unpaid leave of absence for up to three months. We will ensure that all client and business needs will be addressed before the start their annual unpaid leave. All health care and life insurance coverage will continue during the leave of absence.”