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This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Addleshaw Goddard has restructured its non-partner bonus arrangement after nobody received the payment last year and, in a sign of greater optimism, has also ended a two-year salary freeze.
The firm has introduced a discretionary bonus award for exceptional performance. The pool was calculated at 40 per cent of the amount that would have been available under normal arrangements. A third of those eligible received a bonus.
The firm paid associates bonuses ranging from 3 per cent to 10 per cent of base salary. To qualify for a bonus, individuals needed to have recorded a minimum of 1,450 chargeable hours and achieved the required performance rating. Some support staff were also paid bonuses. Managers received payments of between 6 per cent and 10 per cent of base salary, while other staff got a fixed sum of between £875 and £1,000.
In addition, the firm has ended its salary freeze. Salaries will be up for review on the basis of market rate, individual performance and market conditions.
Addleshaws managing partner Paul Devitt commented: “Conditions have been challenging but the payment of a discretionary bonus, together with the salary review, reflects our determination to recognise the important contribution made by strong performers.”
In 2009-10 the 32 per cent profit trigger needed for the bonus scheme to kick in was not reached. In fact, Addleshaws had a profit margin of 26 per cent last year on a total turnover of £173m, down from 33 per cent the previous year.