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Eversheds will pay out a total of £2m in bonuses next month to all staff for the first time in two years.
All secretaries, business services staff and non-partner fee-earners will receive a £1,000 flat bonus after the firm hit its profit target for the 2009-10 financial year.
Eversheds’ profit margin fell from 21 per cent in 2007-08 to 17 per cent in the 2008-09 financial year, meaning that no bonuses were paid out last year. However, profitability improved for the 2009-10 financial year, with the firm posting a 20 per cent margin, translating into a 28 per cent hike in average profit per equity partner.
This year’s bonus was twice the original amount provisioned for by management at the half-year point. Managing partner Lee Ranson said: “We were due to pay out £500, but decided to recognise the loyalty and hard work of all staff who were with us at the beginning of the financial year and were still with us at the end.”
Fee-earners and senior business services staff will also be eligible for additional dividends, to be determined on a separate basis from the above scheme.
Senior business services staff may receive individual performance-related rewards. The fee-earner scheme, meanwhile, is calculated on the basis of individual financial performance, contributions to business development and client services and team results. Partners are remunerated separately.
Watson Farley & Williams recently paid a one-off bonus equating to one week’s pay to all staff after the firm surpassed its budget for the 2009-10 financial year.