South-West firm Bond Pearce has offered an end of financial year sweetener for all its 650 staff, in the form of a profit-based bonus scheme and a 2.5 per cent pay bonus across the firm.
The initiative sees staff share in a pool of nearly £400,000, paid as a retrospective 2.5 per cent salary bonus for the 2003-2004 financial year.
Bond Pearce has also introduced a profit-related bonus scheme for future years, which will see all staff share in a bonus pool determined as a proportion of profits.
The scheme is part of a firm-wide overhaul of Bond Pearce’s appraisal and remuneration process.
Other firms to have implemented bonus schemes for all staff include Eversheds and Kendall Freeman. Allen & Overy has run a bonus scheme for the past seven years, paying staff a bonus of 9.3 per cent of salary in 2003-2004.