Slaughter and May awards bonuses on performance
Slaughter and May has dropped its fixed bonus system in favour of a discretionary and performance-related system.
In previous years associates at Slaughter and May received a fixed bonus, which was 5% of salary last year. Under the new system, associates will need to have notched up a "good or exceptional level of performance" in order to qualify for a full bonus. Those whose work "falls short of the level of achievement that we would expect" will get reduced amounts.
Bonuses will be staggered depending on seniority, with 4.5+ PQE lawyers becoming eligible for 12% or their salary. Trainees and support staff will still all receive a flat rate bonus of 3% which.
A full list of the upper range for each level of experience is below:
Trainees and support staff - 3%
NQs up to 6 months PQE - 6%
1-2 PQE - 8%
2.5 - 4 PQE - 10%
4.5 to 6.5 PQE - 12%
6.5 PQE + - 0%, because associates will either have been made up or exited the building