Having reported profit drops, staff at international UK-based law firm Simmons & Simmons were asked in early June to cut their pay by 20% and transition to a 4-day week for up to six months. This follows other measures taken by the firm to withstand the consequences of the coronavirus pandemic lockdown.
Due to the impact of COVID-19, DLA Piper is attempting to stagger their 2020 intake by offering various deferral grants for new trainees.
COVID-19 has sparked change in almost all areas of the legal industry, as law firms have transitioned to working remotely, and court hearings are being held online.
Amjad Rihan, an ex-Ernst & Young (EY) partner and whistleblower, sued the firm for an alleged cover-up on gold smuggling for suspected money laundering purposes in an audit report for Kaloti Jewellery International (Kaloti), the United Arab Emirates’ largest gold refiner in 2013.
Co-op’s legal services business has reported a whopping 165% increase in profits for 2019. In the midst of the coronavirus pandemic, the legal arm of the consumer Co-operative group has announced pre-tax profits of £6.1m and a turnover of £40.1m.
Though the Coronavirus crisis will likely continue to affect the world of business for the foreseeable future, many law firms and commentators are beginning to consider what lessons can be learned from the crisis. The question, therefore, becomes, what could/should a post Coronavirus law firm look like?
Around 20 of the UK's top firms have taken advantage of the Job Retention Scheme and furloughed part of their staff. Among the firms using the scheme are DLA Piper, Taylor Wessing, Eversheds Sutherland. The scheme sees that 80% of employees’ salaries are paid by the government (up to £2,500 monthly).
Norton Rose Fullbright (NRF) has asked staff to agree to a 20% reduced working week and payment of only 80% of their base salaries to “safeguard jobs as far as possible” from the impact of COVID-19.
With the world in the midst of the Coronavirus Pandemic, and all non-essential employees forced to work from home, international law firm Eversheds Sutherland has created an app for its employees to promote a sense of togetherness in these tough times.
Aria Grace Law is an award-winning virtual corporate law firm founded in 2017 by Lindsay Healy. He was inspired by his two young daughters to create a law firm like no other: one that provides equality, diversity, equal pay and equal profit share for all of its lawyers, while at the same time providing City law firm standards of excellence.