Posted Jul 24, 2009 07:42 pm CDT
Staff members have voted overwhelmingly in support of a temporary 10-percent pay cut at the biggest law firm in Scotland, from September to April, when the next fiscal year begins.
The alternative would be layoffs, as Dundas and Wilson rebalances its expenses to match income, reports the BBC. Meanwhile, the firm’s 530 workers in Edinburgh, Glasgow and London will be allowed to take an extra 18 days of leave.
“This action is necessary to protect jobs and the talent we have built up, while transactional activity remains depressed by the current economic situation,” says Alan Campbell, the firm’s managing partner.
The firm had previously eliminated 43 jobs, but expects work to pick up in the spring, the news agency reports. Partners previously agreed to a 10 percent cut in their own pay, after their annual profits plummeted by about 20 percent.