Jones Lang LaSalle has asked some employees within its English business to take a voluntary reduction to their base salaries.
The move follows that of DTZ in May and Montagu Evans in January.
At JLL lead directors on the English management committee have been asked to take a 12.5% cut, directors have been asked to accept a 10% reduction and all other staff on a salary over £35,000, 5%. Graduates have also been asked to take a 5% reduction.
Andy Mottram, head of the English business, will take a 15% salary decrease.
The reductions will be for 12 months from 1 July.
Mottram said: “This decision acknowledges that we expect economic conditions to remain very tough over the next six to twelve months.
“We are taking proactive action now to ensure the business in strong shape to ride out the storm and take full advantage of the eventual upturn in market conditions. Our clients have come to expect and require a wide range of services from Jones Lang LaSalle and this action is to ensure that we protect that business model.
“We have not taken this decision lightly and in deciding on the design of the scheme we have taken on board lots of views from people right across the firm at all levels and from all eight offices in England.”
