Fee-earners across Cambridge-headquartered firm Hewitsons’ offices have had their pay cut, but their hours have been reduced by a disproportionate amount.
It is understood that fee-earners in teams including corporate have had their salaries cut by 15 per cent and will receive one day’s extra leave per month. Other teams are working a four-day week and have had their pay reduced on a pro rata basis.
The firm’s managing partner John Dix said pay cuts were a temporary measure and would be reviewed in three months.
He added: “We certainly don’t take these decisions lightly, but with regard to the current economic conditions, and like many other firms, we need to take prudent steps to protect as many jobs as possible and to safeguard the long-term interests of the firm.”