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Kennedys is to pay bonuses at the financial year-end after telling lawyers last year that they would no longer receive the package.
In March last year staff were told that the salary enhancement scheme would be abandoned at the 2009-10 year end in favour of a salary rise for all (30 March 2009).
At the time senior partner Nick Thomas told the firm: “The thought of a possible bonus payment does not motivate during the year.”
In an email seen by The Lawyer Thomas today told colleagues: “I got it wrong.”
The email continued: “It’s become clear that it would be inappropriate for the partners to let the year-end pass without acknowledging that we’re going to be ahead of budget and a significant element of our success is going to be down to a comparatively small number of UK lawyers having worked extraordinarily long hours and having billed seriously above target.”
Lawyers who have been with the firm for more than a year and have billed more than 110 per cent of their billing target will be considered for the bonus award.
Kennedys’ 2009-10 turnover is expected to exceed that of 2008-09, which stood at £67.3m, a 30.7 per cent rise on the previous year when it stood at £51.5m.