Olswang has introduced an incentive scheme that rewards staff who bring in new business.
The Revenue Share Scheme is open to all employees at the firm, from partners through to business services staff. If an employee introduces a new client who subsequently spends more than £20,000 in the first year instructing the firm, they will receive a Revenue Share payment of 10 per cent of the instruction fees in the next year.
Alternatively, if an employee brings in new instructions from existing clients to the value of £20,000 in a financial year, they will receive 5 per cent of the instruction fees.
Olswang CEO Paul Stevens said the move would ”promote an entrepreneurial spirit across the firm and drive our staff to think about clients first.”
He added: “The Revenue Share Scheme will allow us to proportionality reward staff – from fee earners to business services – for the introduction of new, valuable relationships to the firm. It’s a programme that we expect will deepen the firm’s alliances with the wider TMT sectors and real estate market and will no doubt propel Olswang’s client roster in the years to come.”
He is right. Partners can’t be expected to do everything!
Teaching the juniors to sharpen their elbows at an early stage. Good thinking.
If I was in business services at Olswang I would theoretically be jumping over myself.
I think this is innovative (for a law firm) and makes good sense: aligns everyone’s interests. Not sure any other larger firms have done this? And it certainly compares well with the usual “employee referral” schemes on offer (probably at Olswang and elsewhere) and 10% of first year’s instructions also likely beats many law firms’ bonus schemes? No doubt there will be some level of squabble over the definition of “introduction”….
Been there, done that. We have had a similar scheme in place for over 10 years and so have other HK firms. Catch up guys.
In my many years of working in Business Services in Law Firms, I am of the opinion that all staff should be trying to bring in business – its just part of the job, whether you are a partner, an HR officer or an associate. Indeed I have introduced much new work myself. Perhaps things have moved on now and I just learned my craft in a different era.