Bankers are not the only ones who can dream of a bumper bonus this year, as law firm Slaughter and May has boosted its bonus pay.
The magic circle firm revealed on Friday that its bonus for associates this year would be between nine to 16 per cent for those achieving a good or exceptional level of performance.
The level of bonus staff can expect is linked primarily to years of post-qualified experience (PQE), with those with the highest number of years of PQE receiving bonuses closer to the 16 per cent mark.
By comparison, the law firm’s bonuses for associate-level staff attaining a similar level of performance last year were within the 7.5 to 15 per cent range.
A spokesperson for Slaughter and May added: “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.”
As the firm’s website currently advertises its salary for newly qualified lawyers as £70,000, staff at this level could be taking home an extra £6,300 in their festive pay packets.
Trainees and support staff will also see a rise in their bonus this year, taking home four per cent of their salary compared to last year’s three per cent.
According to the firm’s website, first year trainees receive a salary of £41,000, while second-years can expect a salary of £46,000. At four per cent, their Christmas bonuses will be £1,640 and £1,840 respectively.
Trade publication Legal Week reported that this is the third year in a row the firm has hiked bonuses. In 2012, associates at the firm received a comparatively measly flat-rate bonus of five per cent, but, in 2013, qualified staff bonuses were boosted to up to 12 per cent.