Now it’s clear that it wasn’t only the firm as a whole that was hit hard by the post Lehman Brothers trading environment (see story).
As we exclusively report today (see story), individual non-equity partners (Neps) missed out on a share of the bonus scheme the firm introduced at the start of the 2008-09 financial year after Simmons missed its profit budget.
So, it’s back to the drawing board for Simmons. The firm’s head of HR John Lucy – widely seen as one of the canniest in the market – admitted that the old scheme was designed in the pre-Lehman world.
It would be fair to say that a lot’s changed since then. Consequently, Simmons has just overhauled its bonus scheme.
Cue cheers among the firm’s 98 Neps. As the firm’s managing partner admits, “Regardless of the financial crisis, we still need to reward and retain staff in a competitive market.”