Scheffleras respond well to pruning. Cut the plant down several inches lower than you want it to be, cutting just above a leaf node. It will branch out at the cut point.
You can root the cutting to be new plant(s). Take 3-4" pieces, dip them in rooting powder (from garden store) and plant in moist potting soil. Use a 2 liter plastic bottle with the bottom cut off or plastic draped over little stakes, to make a humidity dome. Keep it moist and humid, but not wet and it should root itself in and turn into a new plant.