The Lawyer Asia Pacific 150 is the only research report to provide a ranking of the top 100 independent local firms and top 50 global firms in the region. The report offers critical review of some of the fastest growing firms and their strategies, a country-by-country guide to leading legal advisers and legal services market trends, plus exclusive insight into the current business development opportunities in the Asia Pacific. Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Associates and support staff at Addleshaw Goddard have been told that they will be paid a bonus this year after an effective freeze on non-partner bonuses last year.
The bonus has a profit trigger of a 26 per cent margin, but if this is not met then Addleshaws has pledged to still reward “exceptional performance”.
A spokesperson said: “We have explained to staff that we would make discretionary awards in recognition of exceptional performance if we were unable to pay a firmwide bonus.”
He emphasised that the firm wanted to “recognise and reward individual contributions during a difficult time”.
The decision to award discretionary payments is a change from last year when no non-partner bonuses were paid at all because the profit trigger - set at 32 per cent for 2008-09 - was not reached. Addleshaws had a profit margin of 26 per cent last year on a total turnover of £173m, down from 33 per cent the previous year.
Associates and support staff currently receive bonuses on the basis of four criteria - financial targets, individual performance, productivity and “value” measures and inclusivity and the principle of “One Firm”.
The firm also recently announced proposals to restructure its salaried partner bonus scheme, aligning it more closely with equity partner remuneration.
Under the previous arrangement rewards were calculated on the basis of firmwide year-on-year profit increases and individual performance. But a drop in profit meant that nobody received the firmwide profit element (8 February 2010).