Watson Farley & Williams is to award a one-off bonus to all its staff after the firm surpassed its budget for the 2009-10 financial year.
The firm was not expecting to see income grow on last year’s £73.5m, but managing partner Michael Greville said that increased work levels together with the addition of a new office in Madrid saw its turnover expand by 9 per cent to £80.2m (8 June 2010). Current income levels are 36 per cent higher than they were two years ago.
As a result all fee-earners and support staff will be given a discretionary bonus equating to two per cent of total income or one week’s pay.
The firm’s bonus structure differs between jurisdictions and is drawn up largely in relation to local employment law and practice at competitors. In some offices such as London it is related to billable hours, others do not have a bonus in place at all.
Despite the income growth, revenue per lawyer (RPL) was slightly lower than during 2008-09. This year RPL was £307,000, compared with £310,000 for the previous year. Revenue per partner, however, grew marginally over the same period from £920,000 to £933,000.