Allen & Overy adds performance based bonus
Allen & Overy instituted an additional bonus pool to its lockstep last December after proposals made over a year ago were approved last summer, it has been learned. The addition does not affect the 15-year lockstep structure, which starts partners at 20 points and awards two points each year, topping off at 50 points.
The new bonus pool is intended to attract and retain high-performing partners and lateral hires. It is in line with other changes at fellow magic circle firms recently. Clifford Chance voted last month on a flexible lockstep and additional points for strong performers. Linklaters is also looking at additional gates to equity, having discussed the issue last April at the partner's conference.