Law Firm Shifts to Holistic Bonus System

Thu, 04 Mar 2010

Law firm Eversheds is revamping its associate bonus structure to reward its best performing lawyers . The new bonus structure will come into effect at the start of the new financial year on May 1st, and moves away from the traditional system based on chargeable hours to a broader three pronged system which aims to reward good client skills and team performance.

In addition to chargeable hours, the new bonus structure will also consider the individual performance of solicitors, and the financial performance of their team within each practice. All fee earners other than partners will be eligible for the bonuses, for which there will be no formal cap, though assistants are expected to receive up to 30 per cent of their base salary as a bonus.

Chief Executive Bryan Hughes commented that a modern legal firm must not only rely on lawyer performance, but also on having business winners, client managers and team players. Legal costs will not be affected by the new bonus system, which is initially being applied only in the UK but could subsequently be rolled out internationally.
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