Freshfields has cut the bonuses paid to its continental European associates by thousands of euros.
Lawyers in Germany, Austria and Central and Eastern Europe have just been informed of their bonuses. There was much anticipation given that it has been a record year for the firm - net profit is up 5% and partners are making an average of £1.48m each. And so, naturally enough, the hard-working associates who earn the money have been rewarded with a cut.
Last year bonuses of €6.5k, €7.5k, €12.5k, €15k and €25k were awarded to first year, second year, third year, 4+ year and principal associates respectively. Which was jolly nice. But this year the bonuses will be €5k, for first / second year associates, €10k for 3+ associates and €20k for principal associates. So everyone gets less, and lawyers with 4+ years experience will get a cut of €5k.
Insiders say that these figures are the same that were paid two years ago, and that last year's figures represented a spike due to the firm's exceptional results. Hmmm, so that's as opposed to this year, where the results are even better.
Other firms have yet to announce their bonus decisions, but it seems unlikely to be a cash extravaganza.
A spokesman for the firm declined to comment.
Tip Off ROF
Lawyers in Germany, Austria and Central and Eastern Europe have just been informed of their bonuses. There was much anticipation given that it has been a record year for the firm - net profit is up 5% and partners are making an average of £1.48m each. And so, naturally enough, the hard-working associates who earn the money have been rewarded with a cut.
Last year bonuses of €6.5k, €7.5k, €12.5k, €15k and €25k were awarded to first year, second year, third year, 4+ year and principal associates respectively. Which was jolly nice. But this year the bonuses will be €5k, for first / second year associates, €10k for 3+ associates and €20k for principal associates. So everyone gets less, and lawyers with 4+ years experience will get a cut of €5k.
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Insiders say that these figures are the same that were paid two years ago, and that last year's figures represented a spike due to the firm's exceptional results. Hmmm, so that's as opposed to this year, where the results are even better.
Other firms have yet to announce their bonus decisions, but it seems unlikely to be a cash extravaganza.
A spokesman for the firm declined to comment.
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Be interested to see what other firms with offices in those European powerhouse economies (I'm looking at you, Italy!) report....
PS ROF, would be good if you could confirm exactly how many partners are in continental Europe. Eg, website claims 23 partners just in Paris office - partners must be absolutely raking it in to cover costs, overheads etc to still make 5% more profit!
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Move to Bristol and enjoy bonuses in the region of £0 - £1,000 on average by comparison.
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I'm not going to apologise for wanting a few extra grand, when I know the guy I'm working for is getting two additional equity points this year, worth not far off £100k.
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Why not turn your attention away from the guy you're working for and focus on the fact that, bonus or not, you're earning more than most of the rest of the country? Consider yourself lucky and quit whining.
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It might be a slightly more nuanced argument if the £10k I'm whinging about not getting would have come straight from the pocket of a struggling person on the minimum wage. But it doesn't. It comes from a partner who is sucking up ever more and ever more valuable equity points, year after year after year.
Bring on the salary wars.