Slaughter and May is awarding bigger Christmas bonuses to its associates this year, as long as they're not on the naughty list.
NQs who managed a "
good or exceptional" performance will receive 7.5% of their annual salary (which works out at about £2,800 net). Better than a kick in the teeth, and the bonuses rise to a very decent 15% for 4.5-6.5 PQE lawyers.Those lofty percentages are however for the cream. In a statement the firm explained that associates
"who do not attain this level of achievement" will
"receive a lower bonus percentage".
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He'd dreamt of a lower bonus percentage all year, which was lucky |
Until last year Slaughter and May awarded the same percentage bonus to everyone (5% in 2012). Now, only trainees and support staff remain in that socialist system and will each receive a 3% bonus. That's the same as last year, although the upper limits for high-performing associates have all risen:
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Xmas 2013
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Xmas 2014
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Up to 6 months PQE
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6% |
7.5% |
1-2 PQE |
8% |
10% |
2.5-4 PQE |
10% |
12.5% |
4.5-6.5 PQE |
12% |
15% |
7+ PQE |
You should be a partner/have left by now
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Santa Richard Clark, Executive Partner of Slaughter and May, said "
We do not impose billing or time recording targets on our associates and our approach to bonus differentiation is to recognise performance and career progression while ensuring that we reflect our team culture of valuing and recognising everyone’s contribution".
Is your firm handing out yuletide bonuses?
Any as good as Skadden? Or have the partners decided times are a little too tight to lavish gold on the troops?
Let RollOnFriday know.
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