Pinsent Masons has confirmed that it will more than double the level of its associate bonuses.
Until now associates received bonuses of up to £10,000 for putting in the hours. And they still will, but they'll also be eligible for up to £15,000 on top of that for what the firm rather nebulously describes as "excellent client service and relationship management".
With such opaque criteria it will be interesting to see how many associates actually end up with the extra wedge. But the firm assured RollOnFriday that it would pay out twice as much as it used to, so it bodes well. And rewarding lawyers for getting deals done well and efficiently, rather than just for racking up the hours, seems a positive move.
Jonathan Bond, Pinsents' HR Director, told RollOnFriday that "our bonus system is split into pots for excellent client service and good old-fashioned hard work. In addition to the £10,000 which was previously achievable for the latter, a further £10,000-£15,000 is now available as a maximum achievable bonus should one achieve outstanding client service and value. The aim of this structure is to ensure hard work continues to be rewarded, but that the objectives of our lawyers are better-aligned to those of our clients.”
Tip Off ROF
Until now associates received bonuses of up to £10,000 for putting in the hours. And they still will, but they'll also be eligible for up to £15,000 on top of that for what the firm rather nebulously describes as "excellent client service and relationship management".
With such opaque criteria it will be interesting to see how many associates actually end up with the extra wedge. But the firm assured RollOnFriday that it would pay out twice as much as it used to, so it bodes well. And rewarding lawyers for getting deals done well and efficiently, rather than just for racking up the hours, seems a positive move.
Pinsents yesterday |
Jonathan Bond, Pinsents' HR Director, told RollOnFriday that "our bonus system is split into pots for excellent client service and good old-fashioned hard work. In addition to the £10,000 which was previously achievable for the latter, a further £10,000-£15,000 is now available as a maximum achievable bonus should one achieve outstanding client service and value. The aim of this structure is to ensure hard work continues to be rewarded, but that the objectives of our lawyers are better-aligned to those of our clients.”
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Plus, *all* MRH bonuses are discretionary.
Basically, the bonus system was rejigged because associates complained about getting beasted but getting less per hour than they would had they worked at Pizza Hut in the evenings after their office shifts. The new system has gone down like a lead balloon, as none of the comments raised by fee earners during the (very limited) consultation process were taken on board, with the £25K-related PR being widely regarded as smoke-and-mirrors bullshit.
Still, it is still a great place to work. So, swings and roundabouts, really!
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