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South East firm Cripps Harries Hallhas paid double its anticipated bonuses after a strong financial year.
Managing partner Jonathan Denny said the payments were made possible through a strong performance resulting from a reorganisation of the firm.
“There’s no doubt in my mind that our refocus of the business along client industry sectors has re-energised business development across the firm,” he said.
Staff bonuses at Cripps are awarded according to performance against the firm’s profit target. On hitting target, staff usually expect a bonus of 2.5 per cent of salary, associates get 5 per cent and senior managers receive 10 per cent.
When the target is exceeded an addition is made to the bonus pool.
For the financial year ending April 2006, the bonus pool increased by more than 100 per cent, meaning staff received double their anticipated awards.
The bonuses follow a year in which Cripps saw record turnover, which rose by 17 per cent to £16.35m, and average profit per equity partner, which rocketed by more than 50 per cent, from £119,000 to £187,000.