Norton Rose Fulbright proposes reduced working week and lower salaries in bid to protect jobs

As well as postponing pay rises and bonuses, City firm Norton Rose Fulbright has asked staff to agree to a reduced work week and lower salaries in a bid to “safeguard jobs as far as possible”.

These measures – last imposed during the 2007-2008 global financial crisis – will be implemented on 20 April and will last for a year. While participation on the scheme is voluntary, for the programme to be economically viable three quarters of eligible staff must sign up.

According to the Law Gazette, staff who sign up may be requested to reduce their working week by 20% and be paid 80% of their base salary. Smaller salary reductions will be implemented for those on lower pay, although their working week is likely to still be cut by 20%.

The City firm will reduce or defer all non-business critical spend “for the foreseeable future”, as well as postpone paying partner distributions and bonuses, and delay pay rises and bonuses for staff.

Managing partner for Europe, the Middle East and Africa Peter Scott said: “We believe it is prudent to take pre-emptive action to protect our people and our business. The key for us is to ensure that we can respond rapidly to any future changes in levels and types of work at an unprecedented time for the global economy.

“We know this is a challenging time for all of our people and we want to safeguard jobs as far as possible. It is likely that not all parts of the business will be adversely affected by the current situation, so it is quite possible that employees who have signed up to the scheme in some parts of the business will not be required to reduce their working hours.”