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Medium -sized United Kingdom law firms are offering the highest bond lawyers to work more hours while trying to find ways to compete with deeper rivals in payment.
London headquarters Simmons and SimmonsRPC and Shoosmiths have launched or updated policies that reward lawyers for more hours that invoice, in some cases ascending to additional payments for a value of up to 40 percent of the base salary.
Simmons offers bonds this year between 25 percent and 40 percent of the salary for associates who record more than 1,800 invorable hours, according to an internal memorandum seen by the Financial Times. Associates must register a minimum of 2,100 hours of load to receive the main amount.
The firm joins a growing number of attire in the United Kingdom that offer performance bonds to increase discretionary payments without raising payment levels in all areas, after a war for talent. He pushed Junior lawyers substantially.
Lawyers charge per hour for customer work, but many more hours work on those who invoice, which means that 2,000 invoices can be equivalent to working regularly in 12 hours or more. Simmons already offered a “discretionary” bonus for additional hours invoiced, but has changed the scheme to quantify the exact amounts that Junior lawyers can gain this summer.
Simmons said the changes were “a central part of our efforts to develop and retain talent … support associates throughout the company and reward them in a complex way for their efforts is crucial.”
The United Kingdom’s law firm RPC has also made changes in its bonus awards, which entered into force on May 1, with associates capable of winning an additional 30 percent of its salary for additional hours. The previous bonuses were limited to 20 percent of the salary.
The firm said that the associates had to register at least 1,575 hours a year, which comprise at least 1,500 hours and up to 75 hours of “investment time”, as Pro Bono, to receive a 5 percent bonus of the salary. Bonuses increase 1 percent for every additional load.
Antony Sassi, RPC’s managing partner, said the change was a “more modern, inclusive and sustainable approach to the reward, and one that we believe reflects reflects the evolutionary expectations of the next generation of legal talents.”
Companies are becoming more creative about who is online for bonds, after a series of “special bonds” linked to a bonanza of offers of the Pandemia era. Elite law firm Slaughter and May chose not to increase the payment of their Junior lawyers this monthhaving salaries for newly qualified lawyers at £ 150,000 in a sign that salary wars may be cooling.
The movements of medium -level companies run the risk of reviving concerns about the exhaustion of Junior lawyers, which also He came to a head During the COVID-19 crisis. Shoosmiths, who has offices throughout the United Kingdom, has introduced a bonus scheme for associates who work additional hours, but has established a roof in 1,900 hours to avoid encouraging “anyone to work excessive hours chasing a bonus without limit.”
Its program allows associates to win an additional 19 percent of the salary, also depending on the company’s performance. The bonuses enter 1,485 hours of load, with the first set that will be paid in July 2026.
The executive president, David Jackson, said that the scheme was part of the signing ambition of being “a leading law firm in the average market by 2030”.
Several best internationals lawyer firmIncluding Herbert Smith Freehills and Linklaters, they have offered more additional bonds for more invoicable hours. It is expected that the associates of the United Kingdom in HSF will reach 1,700 hours annual invoices and 1,800 will receive a bonus, which increases the most invoiced hours, according to a person with knowledge of the situation.
Linklaters offers the associates of Harvest an “interruption bonus”, aimed at rewarding those junior lawyers who have worked particularly long hours in a year, according to a person with knowledge of the program. Both companies declined to comment.