Richard Foley

The firm may also issue guidance on holidays as it looks to avoid mass absences when the lockdown eases.

Pinsents’ senior partner Richard Foley said: “Businesses around the world are trading in circumstances that none of us have faced before; we’re no different. We are only making decisions today where we have to. If we can wait to allow those decisions to be better informed by taking them tomorrow we are doing so.

“So, and by way of illustration of decisions made: we have moved to access the UK government’s furloughing scheme for those of our colleagues who, through no fault of their own, are unable to work from home – topping up salaries and benefits; we have issued guidance around the taking of holiday in a timely fashion – for individual well-being and wider businesses reasons; we have issued guidance as to flexible working models that are available to those that are struggling to work at home and manage family and domestic commitments; and we are using scenario planning to help us plan for an uncertain future.

“We have not yet needed to decide the best way to mix the available sources for funding our working capital but we have decided to look at whether a quarterly distribution cycle for the payment our of historic profit remains fit for purpose.”