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The cash could come in handy for gas and food bills. Or for doing up the living room in the British summer.


Clifford Chance, Shoosmiths and Bird & Bird have followed Irwin Mitchell in handing out one-time payments to staff in light of the cost of living crisis. 

Clifford Chance is giving all its trainee solicitors and all business services staff a payment of £1,500 this month. CC trainees earn £50k in the first year, and £55k in year two. 

The handout comes as Clifford Chance this week announced record results for the financial year ending 30 April 2022. The firm's profit per equity partner rose by 10% to £2.04m - the first time it has exceeded £2 million. Revenue grew by 8% to nearly £1.97 billion, with partnership profit (net profit) up 9% to £783 million. 

Shoosmiths is dishing out a £1,000 payment to all its staff, "to help them with the cost of living challenges." CEO David Jackson said that on top of this, the firm had also brought forward its annual pay review by two months and made a discretionary "thank you" payment of 3.3% of annual salary to all employees in May, "to recognise the challenges" that staff "are facing currently as a result of the macro-economic position".

Shoosmiths recently announced an increase in revenue of 8% to £181.8m, in the last financial year, with net profit rising by 9% to £60.7m and PEP increasing by 3% to £675,000.

Bird & Bird is also making a one-off payment of £1,000 to all staff in London on a salary of £50k or less, to help with the cost of living. Over 300 staff at the firm will be given the extra cash, including trainees and some junior business services staff.

In the latest financial year, Bird & Bird's revenue was up 9.85% to £445.6m, while net profit was up 21.5% to £150.4m and PEP was up 11.1% to £655,520*.

And a small firm, Howards Solicitors, headquartered in Stockport, has also dipped its hand in its pocket to gift staff a £500 payment, due to cost of living challenges.

The predominantly legal aid firm, relies on legal aid for about 80% of its income. Managing Partner, Oliver Gardner told RollOnFriday: "It is tough for us every month and has been for many years now having suffered a reduction in the rates of pay year on year" for the last 25 years. "Nevertheless we recognise that without our staff we have nothing," said Gardner," Our staff of 23 are committed, loyal and hard working, most having been with us for many years, most since the beginning." 

The firm's turnover for the last financial year was £1.25m, up from £1m the year before. Gardner added: "I prefer not to discuss profits but to say we made only a very modest profit last year".


*Bird & Bird reports/works in Euros, so the sterling amounts mentioned have been converted. 

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Comments

Anonymous 22 July 22 10:01

Turnover £ 1,250,000

Headcount 26 + at least one principal

Turnover (not Profit) per person = just over £ 46,000

 

How is that sustainable, even in Stockport?

Anonymous 22 July 22 10:39

B&B's cost of living payment doesn't read as as generous as the others given not all staff are getting it 

Anne 22 July 22 12:38

Clifford Chance completely left out all of their contractor staff such as reception, cleaners etc ... aka people who need it most as they are already on lower wages

 

Annonymous 22 July 22 13:23

@11.50 good place to be full equity - PEP higher than RPC, Two Birds, CRS, Taylor Wessing etc

Anonymous 22 July 22 20:22

All of these firms could give their staff pay rises in line with inflation (say 9% for inflation and 2% as a year or year increase) and a cash bonus.

But they won't. Because they don't care that much.

 

Anon 22 July 22 22:45

Freeths gave staff a 6 % of salary bonus and average pay rise of at least 10% 

Positive news there to write about!

Anonymous 25 July 22 17:59

Shoosmiths - the fail that keeps on failing. Give staff real wage cuts by not keeping pace with inflation for over a decade then throw them a sprat and expect them to laud you for it. Yoush!ts.

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