Baker & McKenzie has introduced a bonus scheme worth £2m to reward all UK staff following a strong year for profit.
The firm’s unaudited figures for the 2006-07 financial year show that UK net profit rose by 18 per cent on the previous year’s figure to £35.1m.
On the back of this the firm has paid all staff members a bonus equal to 5 per cent of their salaries. This is the first time such a bonus has been applied. Certain associates will also qualify for an additional payment, which will be awarded on performance grounds.
The firm’s managing partner Gary Senior said: “These payments are a reflection of the fact that we’ve seen quite an improvement in profitability.”
In line with the increase in net profit, Bakers has also seen its average profit per equity partner (PEP) break the £600,000 mark for the first time. Having surpassed £500,000 last year, the firm’s UK PEP rose by 16 per cent, from £518,500 to £605,000. Turnover rose by 12 per cent, from £99.6m to £112m.
According to Senior, the rises are a result of the firm being particularly driven in its transactional practices, with corporate and banking seeing strong activity since January.