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Leading Scottish law firm Shepherd & Wedderburn is remunerating 370 employees who took unpaid leave in the last fiscal year to support the company through the financial crisis.

Though the firm was forced to make 22 employees redundant, it was stated that this act of solidarity amongst the staff spared further job losses. Partners at the firm also agreed to take a ten per cent pay cut as part of a savings package that enabled the company to raise pre-tax profits by nine per cent over the last year.

Many employers depended on the goodwill of their workforce to make savings during the downturn last year, implementing flexible working practices, reducing paid overtime and freezing pay in a bid not to have to let go of valued staff.

Patrick Andrews, chief executive of Shepherd & Wedderburn, said: 'In the last two years we have sought to strike a balance between short-term cost saving measures and the need to take a longer-term view by continuing to invest in the business and to take advantage of opportunities that the market presents.

'I am delighted to be able to acknowledge the loyalty our staff showed after an unprecedented 98 per cent agreed to a proposal to introduce ten days' unpaid leave as part of short-term cost saving measures.'

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