MANCHES is considering a bonus scheme for its solicitors and some fixed-share partners in a bid to boost results.
The scheme is up for approval by Manches’ 48 partners in October.
Salaries at the firm were increased by around 20 per cent this year, but the firm’s size remained fairly static during that period.
Support staff are not included at this stage in Manches’ plans.
The news follows moves by several larger firms to raise the stakes in the war to recruit and retain talented members in the face of increasing pressure from US firms.
Denton Wilde Sapte introduced a bonus scheme based on chargeable hours in July (The Lawyer, 24 July).
Olswang launched a bonus scheme earlier this year which covers everyone within the firm and will pay out up to 6 per cent of salary.
Medium-sized Fladgate Fielder has also introduced a profit sharing scheme for all non-fee earning staff.
The scheme is based on the firm’s profit, the profit of the department and the individual’s own contribution. The firm says is has been introduced to encourage all staff to take an interest in the firm’s success.
The scheme was introduced on a pilot basis in May 1999 and became permanent in May 2000.
Manches is in the middle of a strategy review to assess its position in the market and where it wants to be over the next three years.
Last year the firm saw profits of £4.26m, representing a profit margin of 20 per cent, boosted by its strong IP and IT practice which cross sells to other departments.