McGrigors, is asking its employees to take two weeks' unpaid holiday pay between June and the end of its financial year on 30 September.

The firm is reported to be seeking the concession from at least 85 per cent of its staff. Partners in the firm are understood to have already agreed to a 5 per cent reduction in their share of the firm's profits.

Richard Masters, managing partner at McGrigors, said the measures have been introduced to avoid job losses and safeguard the long-term future of the firm.

"We sincerely regret having to implement these measures, but we think it's the right thing to do to protect jobs and the long-term health of our business,” he said.

"We have invested a lot in our people, we value them all and we will need them when the inevitable upturn comes. We hope these measures will avoid the need for compulsory redundancies."