Woohoo! This is what we like to see! Two global Biglaw firms, Clifford Chance and Herbert Smith Freehills, recently announced all staff worldwide will be getting an extra special thank you in the form of cold, hard cash. The standard at both firms is 5 percent of salary, and is in addition to the usual yearly bonus process.
As reported by RollOnFriday, Herbert Smith Freehills made the first move:
Earlier this week, Herbert Smith Freehills also announced that it would provide an additional 5% bonus to all staff. CEO Justin D’Agostino said the payment is an acknowledgement of the “dedication and hard work” of staff “in the face of the tremendous disruption and challenges experienced in the last year.”
“The firm is performing well so far this year. In recognition of that, we will be paying all staff globally a one-off financial payment of 5 per cent of salary, payable in March,” said D’Agostino. “I am delighted that all our people will be sharing in our good performance.” In July last year, the firm posted a rise of 2.5% in revenues to £989.9m.
But Magic Circle firm Clifford Chance was quick to join in the bonus fun:
“Over an extraordinary year, and in the face of sometimes immense personal challenges, our people have consistently gone the extra mile to support our clients and to support each other,” CC’s Global Managing Partner Matthew Layton told RollOnFriday. “I could not be prouder of our team here at Clifford Chance.”
Let’s hope other Biglaw firms will also be generous with staff.
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Kathryn Rubino is a Senior Editor at Above the Law, and host of The Jabot podcast. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter (@Kathryn1).