Knights reveals pay cuts as a ‘precautionary measure’
Professionals services group Knights has revealed that it staff will be taking pay cuts as “precautionary measures” against the coronavirus pandemic.
The firm, which is headquartered in the Midlands, says it Board members will take a 30% pay cut from 1 April, while everyone else earning over £30,000 a year will see their pay reduced by 10%.
Knights says the current crisis has had a “limited effect” on revenues so far.
David Beech, chief executive of Knights, said: “Since the outbreak of the coronavirus, our primary concern has been the safety and wellbeing of our colleagues, who have responded with great commitment and resilience.
“Whilst we have traded in line with market expectations to date, we have decided to take a number of precautionary measures in response to the anticipated economic impact from the spread of the virus, to ensure maximum flexibility to respond to the changing market environment.
“We enter this period of uncertainty as a resilient, well-invested, diversified and cash generative business offering a unique proposition in the highly fragmented and often under-invested market for legal services outside London. The business is in a strong financial position and I am confident that the Group’s strategy, supported by a talented team, will see Knights emerge from the near term uncertainties in a strong position.”