The Lawyer Asia Pacific 150 is the only research report to provide a ranking of the top 100 independent local firms and top 50 global firms in the region. The report offers critical review of some of the fastest growing firms and their strategies, a country-by-country guide to leading legal advisers and legal services market trends, plus exclusive insight into the current business development opportunities in the Asia Pacific. Read more
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.
I had a good laugh when I got home and read the 24 July edition of The Lawyer.
What I laughed about most was the reported Denton Wilde Sapte pay bonus scheme for assistants (no doubt it is not very different from those of most of the other City firms).
Assuming a low average charge-out rate of £150, a six-month qualified lawyer who works an extra 500 chargeable hours to bring themselves up to 2,000 hours will earn the firm £75,000.
In exchange for these extra hours they work, which must of course be done in the evening or on weekends, the solicitor increases their bonus from 6 per cent to 20 per cent, and receives an extra 14 per cent of £42,000 - the princely sum of £5,880 pre-tax.
If that same solicitor works another 500 chargeable hours, and these definitely can only be done in the evenings and on weekends, they earn another £75,000 for the partners, and this time receive £4,200.
I think that it is extremely generous of partners to offer such bonuses to their human capital, because what with the bonuses and extra cost of having to heat and light the offices on all those evenings and weekends, they must surely be suffering badly in order to benefit their assistants.