The firm is also considering four-day weeks, sabbaticals, unpaid leave, job sharing, and other cost-saving schemes.
Wragge’s profits were down 15% from last year, to £104.3 million ($172.6 million).
In September 2008, 24 people left the firm in a combination of voluntary and compulsory redundancies.
Birmingham, UK’s Wragge & Co was founded in 1834 by George Paulson Wragge hand Clement Ingleby. The firm has offices in Brussels, Guangzhou, London and Munich.