Pinsent Masons has ended its recession-driven flexible working scheme, having saved approximately £2m and around 50 jobs from the initiative.
A total of 204 staff, largely corporate and property lawyers, signed up to the one-year scheme, which saw them receive a minimum of 80 per cent of their salaries. In return they received 13 weeks’ additional annual leave at nominal pay. Pinsents launched one major redundancy programme, resulting in 19 job losses.
In a further sign that the firm has emerged from the recession, Pinsents paid its non-partner bonus as normal this year. In 2009 bonuses were scaled back by a third because the firm failed to hit budget.
In addition, Pinsents recently completed a support staff pay review, which gave staff the option of receiving their annual pay raise in the form of a lump sum rather than having the increase spread throughout the year.