BONUSES
Eversheds unveils innovative new bonus programme
International law firm Eversheds has announced that it will launch an innovative new bonus scheme for all lawyers working across its offices.
The proposed bonus scheme will see the firm move to an approach that takes a more holistic view of performance, where bonus assessments will recognise both the fee-earning and non-fee-earning contributions of individuals. Bonus pools will be set at the product group level – for example, corporate finance, banking, tax, competition, financial services etc – with senior managers having the authority to share additional bonus payments to those in their teams that have delivered exceptional performance.
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In addition to contribution towards gross margin, senior management will be given the flexibility to reward exceptional contributions to individuals in areas such as business development and excellence in service delivery, which are not recognised under the current fee-earning bonus assessment scheme.
The announcement comes three years after Eversheds introduced a profit-sharing scheme for partners, which at the time was, according to the firm, "truly innovative and ambitious", being the “very first firm to walk away from the traditional lockstep system of remunerating partners”.
A final word
"Lawyers in a successful modern law firm must be not only fee-earners, but also business winners, client managers and team players. This innovative new bonus scheme gives Eversheds the flexibility to recognise great performance in a holistic manner and reward high performers who display commercial acumen in everything they do. Internal feedback to the proposed changes has been exceptionally positive, as people recognise the contributions made by team members united in winning new mandates and providing consistently excellent client service." - Bryan Hughes, chief executive, Eversheds.
Want to know more?
Eversheds LLP and its worldwide offices have over 4,500 people who provide services to the private and public sector business and finance community. Access to all these services is provided through 47 international offices in 29 jurisdictions. For more details visit www.eversheds.com.