In the light of its increased profits,
Allen
& Overy has announced new bonus guidelines for its associates - and, to thank staff for their efforts during the economic downturn, an extra day's holiday all round.
It's a big change from last year when A&O shed a load of staff as deal flow collapsed. But now, with green shoots emerging underfoot, it's payback time (well, for those that are left anyway). A spokesman said that the firm was "pleased to be able to lift the salary freeze earlier this year and, as a further small gesture of our thanks to everyone for their hard work and dedication over the past 18 months, we are awarding staff an extra day's holiday."
A day's holiday is jolly nice, but the bonus is what really makes a difference. And while the firm was a little vague on detail, it has revealed the following guidelines to RollOnFriday.
It's important to bear in mind that the firm says the individual bonuses are based personal performance. But, if the firm actually delivers an average bonus of almost £40k to senior associates, then that would be a very good result. So, A&O associates, you know who to talk to when the envelope arrives - or if it doesn't arrive.
And will this spirit of goodwill and generosity spread throughout the rest of the City? No, not really. RollOnFriday asked the other Magic Circle firms if they would be offering any extra holiday, and they really weren't mad keen on the idea. However there some vague warm noises about bonuses generally being up on last year.
Tip Off ROF
It's a big change from last year when A&O shed a load of staff as deal flow collapsed. But now, with green shoots emerging underfoot, it's payback time (well, for those that are left anyway). A spokesman said that the firm was "pleased to be able to lift the salary freeze earlier this year and, as a further small gesture of our thanks to everyone for their hard work and dedication over the past 18 months, we are awarding staff an extra day's holiday."
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Chaos as A&O staff take their extra holiday |
A day's holiday is jolly nice, but the bonus is what really makes a difference. And while the firm was a little vague on detail, it has revealed the following guidelines to RollOnFriday.
| Qualification |
Bonus (£) |
|---|---|
| NQ |
5,000 |
| 2PQE |
7,500 |
| 3PQE + |
14,500 - 30,000 (avg 19,800) |
| Senior Associate |
29,500 - 60,000 (avg 39,500) |
It's important to bear in mind that the firm says the individual bonuses are based personal performance. But, if the firm actually delivers an average bonus of almost £40k to senior associates, then that would be a very good result. So, A&O associates, you know who to talk to when the envelope arrives - or if it doesn't arrive.
And will this spirit of goodwill and generosity spread throughout the rest of the City? No, not really. RollOnFriday asked the other Magic Circle firms if they would be offering any extra holiday, and they really weren't mad keen on the idea. However there some vague warm noises about bonuses generally being up on last year.