Allen & Overy (A&O) is awarding its entire staff a 10.5 per cent bonus after the firm hit its financial targets. The firm announced the news internally last week (8 July). The bonus amounts to slightly more than five weeks pay for those who have served a full financial year, and those who have worked at the firm for part of the year will receive a pro rata payment. An A&O spokesperson said: "The firm had a strong finish to the financial year, which helped push the bonus higher than was originally anticipated. It's important that the entire firm shares in success." A&O, which turned over £641m in the last financial year, has operated the bonus scheme for five years. Last year the firm paid out a bonus of 11 per cent. Neither Clifford Chance nor Freshfields Bruckhaus Deringer operate similar non-merit-based bonus schemes. Herbert Smith has awarded its usual 5 per cent bonus to all London staff after hitting budget for the last financial year.