SJ Berwin is offering the biggest bonuses in the City after overhauling its bonus structure, gifting associates up to 75 per cent of base salary.
Two year-PQE associates earning £66,000 could receive bonuses of up to £49,500, while three year-PQE associates earning £74,000 could pocket up to £129,500 in total.
As first revealed on www.the lawyer.com (24 November), the new bonus structure will recognise both utilisation and non-chargeable contribution to the firm.
Managing partner Ralph Cohen said the non-chargeable element would reward efforts such as client development and R&D.
Cohen said the firm would review associate salaries in May 2007. “We remain committed to our salaries being level with the magic circle.”
Under the new scheme the maximum reward for utilisation has been increased from 27.5 to 60 per cent. A further 12.5 per cent is also on offer for non-chargeable contributions, as well as the firm’s existing 2.5 per cent firmwide bonus linked to budget.
The scheme will be backdated to 1 May 2006, with bonuses paid from 1 May 2007 in two installments over six months.