No bonus for Bakers' London associates, despite record profits
Baker & McKenzie’s record breaking financial results have put profit per equity partner up to £773,000 for 2013/14, and made it the first law firm to hit annual revenues of US$2.5bn since the global financial crisis. But the London staff are not going to see a share in the spoils in the form of a bonus this year, and will instead be granted a voucher for £150. comments powered by Disqus
Chairman of the London office, Eduardo Leite, described growth in the London office as ‘moderate’ which is clearly insufficient to warrant a serious performance bonus.
The firm issued a statement saying that "we value the contribution and hard work of all of our employees and strive to ensure that we reward our people fairly and competitively. Our all staff bonus is one element of the overall bonus scheme that we operate and is part of a wider reward strategy that seeks to recognise both individual and collective performance. The criteria for these schemes are set at the beginning of the year. We continually review our reward schemes to ensure that they are appropriate and market competitive".