"But sir, what is to become of Tiny Tim?"
BCLP is an early contender for this season's Scrooge award after cancelling business services pay rises just before Christmas.
An insider told RollOnFriday that BCLP had scrapped all business services pay rises (which had been expected at the end of December) in favour of a "discretionary 4% bonus split into two tranches, with award subject to performance". The source added that the "existing bonus structure has been scrapped".
RollOnFriday was told that the firm's approach to halting the pay rise this year for business services staff has "not been replicated across the legal function". The firm boasted revenue in the last financial year of USD878.4 million, an increase of 2.1%.
When approached by RollOnFriday, BCLP did not deny the basic complaint that business services staff had their pay rises scrapped before Christmas.
However, it did refer to a better overall package for next year, imparting plans for future raises to RollOnFriday: “This signals a move to further globalize and invest in our business professionals, increasing total available compensation in 2023 and rewarding high performance", said a spokesperson.
The firm said it will increase the business services compensation package by 5%, and that it had raised base salaries for staff who make £45K or less.
There has also been a Christmas miracle, as two days after being contacted by RollOnFriday the firm revealed it had found more money down the back of the sofa: “BCLP will be making a one-time cost of living payment of £1500 ($1750 USD payment / or local currency equivalent) to business services individuals earning at or below £60K or $65K USD (FTE annually), which will be paid in January 2023", said the spokesperson. Hark the HR Angel sings! (It was ROF wot won it.)
Whether your firm is adopting a Dickensian approach or spreading cheer this Christmas, do get in touch, and have your say in the survey below.