Osborne Clarke has awarded all of its staff a 2% bonus after a bumper year.
Like several firms, Osborne Clarke sets a revenue target (kept secret from outsiders) at the beginning of every financial year. If it's exceeded then that triggers a staff bonus. In OC's case, 15% of the firm's profits are diverted from the partners' pockets into the bonus pool if the magic threshold is crossed. This year it was. The firm expects net profit to exceed the £35 million it raked in during 2012/13, after UK revenue rocketed 16% to a record £88.4 million. Triggering a small but perfectly-formed windfall.
Osborne Clarke last awarded a bonus in 2007/8, just before the downturn and the invention of the wireless telephone. In those halcyon days there was enough in the pot to give every employee an extra 5% of their salary. Since then canny partners have set the threshold just too high, until now.
Though even without bonuses staff seemed pretty happy with their lot. They voted Osborne Clarke into joint 5th place in RollOnFriday's Firm of the Year 2014 survey, and even commented that management was "nice" and had "good intentions". Crikey, steady on there.
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Like several firms, Osborne Clarke sets a revenue target (kept secret from outsiders) at the beginning of every financial year. If it's exceeded then that triggers a staff bonus. In OC's case, 15% of the firm's profits are diverted from the partners' pockets into the bonus pool if the magic threshold is crossed. This year it was. The firm expects net profit to exceed the £35 million it raked in during 2012/13, after UK revenue rocketed 16% to a record £88.4 million. Triggering a small but perfectly-formed windfall.
Osborne Clarke looking happy yesterday |
Osborne Clarke last awarded a bonus in 2007/8, just before the downturn and the invention of the wireless telephone. In those halcyon days there was enough in the pot to give every employee an extra 5% of their salary. Since then canny partners have set the threshold just too high, until now.
Though even without bonuses staff seemed pretty happy with their lot. They voted Osborne Clarke into joint 5th place in RollOnFriday's Firm of the Year 2014 survey, and even commented that management was "nice" and had "good intentions". Crikey, steady on there.
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