Shakespeares has hit on an ingenious way to boost its profits, by asking its associates to bill an extra £100,000 a year each.
The Midlands-based firm hasn't had the easiest run of it recently. A string of acquisitions has resulted in redundancies and pay cuts, with the firm resorting to bringing in the Managing Partner's daughter on a temporary contract to do the filing. But management has apparently worked out the solution. One insider says that at a recent meeting a partner said that staff would be in line for a £5,000 bonus as long as they billed an extra £100,000.
They shouldn't break out the Krug just yet. On the (possibly generous) assumption that associates are billed out at an average of £200 an hour, that would equate to an extra 500 hours a year. Once holidays, sickies, trips to the loo, getting cups of coffee etc. are factored in, that means an extra three hours in the office every single day. For enough, after tax, to buy two pints of beer at the end of it. Please note slavery was meant to have been abolished in 1834.
A spokesman for the firm said "we never comment on our reward policies except to say that this isn't one of them! However we'll always happily pay everyone more for more!". So there you go!
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The Midlands-based firm hasn't had the easiest run of it recently. A string of acquisitions has resulted in redundancies and pay cuts, with the firm resorting to bringing in the Managing Partner's daughter on a temporary contract to do the filing. But management has apparently worked out the solution. One insider says that at a recent meeting a partner said that staff would be in line for a £5,000 bonus as long as they billed an extra £100,000.
They shouldn't break out the Krug just yet. On the (possibly generous) assumption that associates are billed out at an average of £200 an hour, that would equate to an extra 500 hours a year. Once holidays, sickies, trips to the loo, getting cups of coffee etc. are factored in, that means an extra three hours in the office every single day. For enough, after tax, to buy two pints of beer at the end of it. Please note slavery was meant to have been abolished in 1834.
Shakespeares yesterday |
A spokesman for the firm said "we never comment on our reward policies except to say that this isn't one of them! However we'll always happily pay everyone more for more!". So there you go!
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