Magic circle firm Allen & Overy (A&O) is offering its staff an extra day’s holiday to thank them for their hard work during the recession.
The move reported by legal website RollonFriday follows a successful financial year for A&O, which saw average profit per equity partner jump by 10 per cent. The amounts paid out to partners on the bottom of the firm’s equity ladder will receive a profit share of £661,000 while those at the top, which runs from 20 to 50 points, will receive a whopping £1.652m.
In addition to the additional day’s holiday A&O has also announced its associate bonus. The bonus is calculated as a percentage of one partner profit point, which has increased from £26,900 to £33,000, and payment is based on an associate’s performance.
The bonus paid to a newly qualified associate is £5,000 while those who have been qualified for two years can expect to receive £7,500. Further up the rankings a senior associate is in line for between £29,500 and £60,000.
Trainee solicitors at A&O are not eligible for a bonus.