Kennedys reinstates bonus system for partners

Kennedys has announced that partner bonuses will be reinstated at the end of the financial year. The news comes after lawyers were told, in March last year, that salary enhancement scheme would be abandoned in favour of a firm-wide salary rise. The decision to do away with the bonus system was based upon the rationale that the bonus system did not act effectively as a motivating factor during the year. But the firm has reversed the decision in order to acknowledge the efforts of those who have put in hard yards. Senior partner Nick Thomas told the firm: “It’s become clear that it would be inappropriate for the partners to let the year-end pass without acknowledging that we’re going to be ahead of budget and a significant element of our success is going to be down to a comparatively small number of UK lawyers having worked extraordinarily long hours and having billed seriously above target.”

Kennedys reinstates bonus system for partners thelawyer.com Wed, May 19, 2010