Slaughter and May has halved its annual bonus for fee-earners, while maintaining bonuses for non-fee-earners at the same level as last year.
Next month the firm will pay all fee-earners a bonus of five per cent of salary, while non-fee-earners will receive 2.5 per cent of their earnings.
This compares with the 2008 rate of 10 per cent of earnings for fee-earners and 2.5 per cent for non-fee-earners.
All staff receive the flat-rate bonus, which is not linked to targets or contribution. The firm does not pay a bonus to partners.
Executive partner Graham White (pictured) said: “The bonus is to reward lawyers and staff, some of whom have been working very hard. Clients are controlling costs and some are working extremely hard to do so. We thought we should be seen to be prudent in the way we manage our business.”
The firm made an estimated £504m over the 2008-09 financial year with average profit per equity partner thought to be in the region of £2.25m.