Slaughter and May has handed its top-performing associates increased Christmas bonuses this year.
The bonuses are primarily decided on level of qualification, but there is a performance element built in.
Associates whose performance was rated as ‘good’ or ‘exceptional’ in the last year will recieve between 9 and 16 per cent of their salary, up from a range of between 7.5 per cent and 15 per cent in 2014.
Trainees and support staff will take home a bonus of 4 per cent – up from 3 per cent in 2014.
A Slaughter and May spokesperson said: “Our associate bonus this year is again primarily linked to PQE and, to a limited extent, performance. Associates achieving a good or exceptional level of performance will receive a bonus this year ranging from 9 per cent to 16 per cent. This represents a higher bonus than last year when associates achieving similar levels of performance received bonuses ranging from 7.5 per cent to 15 per cent.”
”We do not impose billing or time recording targets on our associates and our approach to bonus differentiation is to recognise performance and career progression, while ensuring that we reflect our team culture of valuing and recognising everyone’s contribution.”
Earlier this year Slaughters handed its 2PQEs a pay rise of over 10 per cent, raising their base salary from £79,000 to £87,000, and boosted NQ pay to £70,000.
In January 2013, Slaughters scrapped its associate lockstep and revamped its appraisal system, offering a higher salary to associates with at least four and a half years’ PQE who demonstrate outstanding performance. It also moved away from a flat-rate bonus for all associates: in 2012 all associates, regardless of seniority, received a flat rate of 5 per cent.
Slaughter and May pay
|First year trainee||£39,000||£40,000||£41,000||2.50%|
|Second year trainee||£44,000||£45,000||£46,000||2.20%|