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It’s Friday, it’s pay day (hallelujah) and things are, apparently, getting better. Then up pops Slaughters to say it’s slashed its annual bonus for lawyers from 10 per cent of annual salary to 5 per cent
So much for house prices continuing to rise. The recession in the legal market continues (see story).
The firm’s executive partner Graham White summed up the rationale for the firm’s decision to be miserly by saying, “We thought we should be seen to be prudent in the way we manage our business”.
White’s comment was greeted with what we can only describe as derision by one reader, who posted: “..and so the partners thought the best way to do this is just pocket the money earned, thanks to the associates, themselves. That really makes sense, doesn’t it…!?”
True, a number of firms - Shoosmiths for example - have dumped their year-end bonuses altogether. An early Happy Christmas goes out to you.
So in that context the fact that Slaughters lawyers - and staff - are getting any bonus at all is still significant.
After all, to borrow half a phrase, half a bonus is better than none.
Also on TheLawyer.com: DLA Piper’s Dubai head is named CEO of the firm’s exclusive Australian alliance firm, DLA Phillips Fox; Lovells and Hogan & Hartson one step closer to merger; and Burges Salmon and Pinsents advise on sell-off on Sellafield land.