Allen & Overy associates were told this week that if their business for the year is deemed to be "low" then they will not be eligible for a bonus. Insiders say that "low" in A&O terms is around 85% of capacity.
Bonuses have previously been awarded based on associates' annual reviews. But last April Managing Partner Wim Dejonghe confirmed that in future associates with 2+PQE would only get the cash if they were putting in the hours. After all, the firm needs to bill the hours to get enough money to pay bonuses in the first place. And it has to maintain average partner profits of at least £1m if Wim's not to be teased by his chums at the rest of the Magic Circle.
An email was sent out on Monday to London corporate associates clarifying that "it has been agreed by the London Managing Partners that Associates with low busyness will not receive an award this year, unless there are compelling reasons for one to be made on an exceptional basis". Insiders have complained that they are angry at the short notice as bonuses are to be awarded in the next few weeks, giving more workshy associates almost no time to rectify their situation.
The email stressed that the calculation would also take into account non-chargeable work such as business development, and at 1750 hours their chargeable targets are lower than at many other big firms. And to be fair, the lawyers at A&O who have been pulling all nighters might feel a little miffed if bonuses were also pocketed by those who've clocked off at 6pm via the fire escape every day.
A spokesman wouldn't confirm the figure, but said that "given associate busyness levels in London, we anticipate this will only lead to conversations with those associates who have fallen behind their peers. That is only right and proper given the incredibly hard work a significant number of associates have put in over the past year."
Tip Off ROF
Bonuses have previously been awarded based on associates' annual reviews. But last April Managing Partner Wim Dejonghe confirmed that in future associates with 2+PQE would only get the cash if they were putting in the hours. After all, the firm needs to bill the hours to get enough money to pay bonuses in the first place. And it has to maintain average partner profits of at least £1m if Wim's not to be teased by his chums at the rest of the Magic Circle.
An email was sent out on Monday to London corporate associates clarifying that "it has been agreed by the London Managing Partners that Associates with low busyness will not receive an award this year, unless there are compelling reasons for one to be made on an exceptional basis". Insiders have complained that they are angry at the short notice as bonuses are to be awarded in the next few weeks, giving more workshy associates almost no time to rectify their situation.
The email stressed that the calculation would also take into account non-chargeable work such as business development, and at 1750 hours their chargeable targets are lower than at many other big firms. And to be fair, the lawyers at A&O who have been pulling all nighters might feel a little miffed if bonuses were also pocketed by those who've clocked off at 6pm via the fire escape every day.
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No extra cash for you |
A spokesman wouldn't confirm the figure, but said that "given associate busyness levels in London, we anticipate this will only lead to conversations with those associates who have fallen behind their peers. That is only right and proper given the incredibly hard work a significant number of associates have put in over the past year."
Comments
Also you do better work the fewer hours you do so to give cash for people who in effect give clients worse work is so perverse.