As George Osborne’s Budget puts borrowing projections on the up and growth forecasts on the down, the payouts awarded by UK lending giant Barclays yesterday made eyes widen.
If you’re feeling hard done by, look away now. The bumper bonuses at Barclays saw general counsel Mark Harding cash in shares worth over £3.6m in what is expected to be his final bonus payout before retiring from the bank, a cushy sum that was dwarfed by the reward given to aptly named banking head Rich Ricci, who pocketed shares worth £17.6m.
The bets are still on over who will be next to take up the lucrative GC role at Barclays. With Harding to stand down, the news of his bonus might see candidates get the claws out – senior Barclays in-house lawyers Michael Shaw and Judith Shepherd have emerged as the frontrunners for the bank’s general counsel job.
As the rest of the country grunts a consensual “no fair”, at least we can drown our sorrows, secure in the knowledge that Osborne has reduced the price of beer.
Also on TheLawyer.com:
- Slaughter and May has made up two associates to partner in this year’s promotions round, with two London lawyers making the cut
- Sidley Austin has appointed its first Singapore-qualified partner, a month after being granted a licence to practise local law in the jurisdiction
- In other Budget news, the Government wants to crack down on LLPs to boost its tax takings from firms using the structure
- And as Cyprus stands on the brink of bankruptcy, a lawyer provides a view from the island