London firm Devonshires breaks its promise to pay bonuses
Devonshires will not be paying the bonuses promised to associates last year.
The bonus scheme was introduced to address discontent within the associate ranks regarding the firm’s remuneration policies, which see the firm’s ten equity partners take home between £700,000 and £1.2m each, while newly qualified solicitors are paid a market-trailing £40,000, and fee earners are denied salary rises.
According to letters sent to associates last year, lawyers that beat their billable targets would receive an extra 15% pay, and a further 10% was available for lawyers that did significant client development work. Last week, however, associates were informed that the firm had "miscalculated" the figures: the 15% bonus would only be available to associates that beat their targets by 25%. And no lawyers qualified for the discretionary 10% for client development work.
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