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Allen & Overy (A&O) has abandoned its deferred bonus system following its annual survey of associates.
This year’s bonuses will now be paid out in January instead of July as they have been since the introduction of the firm’s London Associate Award Plan in 2006, RollonFriday reports.
From next year, bonuses will be announced in July, as before, and paid in November, taking eight months off the previous deferral period.
A&O remains committed to its overall bonus plan, which sees mid-level and senior associates’ bonuses linked to the value of an equity point. Associates with two to four years’ post-qualification experience (PQE) are eligible for up to 100 per cent of one equity point, with those at five to seven years’ PQE eligible for 200 per cent.
The total level of bonuses paid to London associates this year will not be affected by the change.
A spokesperson for A&O said: “They’re still competitive bonuses, but the feedback was that people didn’t like the delay.”
The firm will also be reviewing the amounts awarded under the current scheme with a view to implementing any further changes at the end of the financial year.