Wage subsidy?
No. Chief executive Richard Greenaway said the business hadn't been impacted to that degree. "Even when we thought it may take a significant hit we decided not to apply for the subsidy as we did not believe doing so was the right thing to do. Mid to large firms should be able to adequately weather a financial downturn and the money set aside for the wage subsidy is better utilised for those in real need."
Any restructures, redundancies, or pay cuts?
No. "Our prime commitment was to service our clients and to maintain full employment with staff on full salaries. We wanted to provide our staff certainty in challenging times."
Reduction in overhead costs?
The firm was prudent and reduced discretionary spend. What's more, the firm cut partner draws by 20 per cent and it met all reasonable costs for staff to function at home, Greenaway said.
Harmos Horton Lusk
Wage subsidy?
No. Practice Manager Naina Faith said the firm was privately owned and had no further comment.
Hesketh Henry
Wage subsidy?
No. General Manager Kerry Browne said the firm chose to wait to see whether it qualified, which it didn't. The firm is reviewing whether to apply for the wage subsidy extension, as it is suspected it won't qualify. However if it does, it will assess.
Any restructures, redundancies, or pay cuts?
No.
Areas most affected:
"We had Covid-related workload spikes in the employment, construction, and lease advisory areas. Overall though, we have seen declines in most areas and in particular the commercial property, residential property, and corporate/commercial areas."
Overhead reduction and employee compensation?
While the firm saw a reasonably significant drop in overhead spend, employees were not financially compensated for working at home. They were provided with a significant quantum of IT gear to enable working from home and were also encouraged to take chairs and tables if needed. "Most mentioned they enjoyed the experience and saved on travel and food costs."
Lane Neave
Wage subsidy?
CEO Peter Dwan said as a private enterprise, "we do not believe that a number of these questions are either relevant or appropriate for media consideration". He did confirm, however, that the firm applied for - and is now in the process of repaying - the initial wage subsidy. The firm originally claimed $1,116,158.40 for 162 employees.
"Whilst the firm's business experienced a significant revenue reduction in the period from late March to June this year, it was not at the 30 per cent level required to qualify to retain the wage subsidy. We are not opting for the wage subsidy extension because we do not meet the qualification requirements."
Tompkins Wake
Wage subsidy?
No.
Any restructures, redundancies, or pay cuts?
A spokesperson said the firm had disestablished one role, and restructured some of its administration functions to adapt to the changing climate. The firm added five new staff to its Auckland team during alert level 4.
Views on flexible working arrangements:
The firm has always had flexible working arrangements in place; nearly 30 per cent of employees worked flexibly before Covid-19.
Areas most affected:
"Fortunately because of our size and scale, we've navigated the challenges of the past 12 weeks well. We expect our growth to flatten for a period while our clients recover and adapt. As a consequence, we see less recruitment on the immediate horizon."
Overhead reduction and employee compensation?
The firm saw a minor reduction in overhead costs, but staff were nevertheless compensated for working remotely. They received an Easter bonus to help them prepare for the lockdown and were given an internet allowance for April and May.
Wynn Williams
Wage subsidy?
Yes, to the value of $731,078.40 for 104 employees. Chief operating officer Matthew Jones said the firm expected to, and subsequently had, experienced a reduction in revenue in line with the eligibility criteria. "Going into lockdown there was a lot of uncertainty and we wanted to ensure we did everything we could to be in a position not to have to make any redundancies."
Any restructures, redundancies, or pay cuts?
No.
Overhead reduction and employee compensation?
The firm saw a decline in overhead spend, and staff were compensated for working from home by way of a one-off tax free payment.
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