HSF and CC

"Cough up...read what Herbies and CC have done"


Clifford Chance and Herbert Smith Freehills are paying staff an extra bonus of 5% of their salary for their hard work during the pandemic.

"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."

The Magic Circle firm is giving a one-off payment of 5% of salary to staff worldwide - which is in addition to other salary and bonus reviews, and does not replace them.

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.

The pressure is now on other firms which have performed as well as Herbies and CC, to give all their staff a similar bonus reward.

HSF has also announced this week that it will lift the pay freeze in the UK, Paris, Australia and Asia, with revised salaries effective from 1 January 2021. The firm said that "salary reviews will be conducted in all of our markets as part of the usual cycle in 2021.” Like many firms, HSF took several measures to ward off the financial impact of the virus last year, which included freezing salary in July. 

HSF's lifting of the freeze in the UK, Paris, Australia and Asia will be effective for both lawyers and business services staff at the same time, unlike the divided approach taken by Baker McKenzie and Allen & Overy."

In other news at HSF, the firm announced that it has elected Rebecca Maslen-Stannage as its new Chair and Senior Partner - the first female to take the role. The appointment will take effect from 1 May 2021 for a four-year term. Maslen-Stannage succeeds James Palmer, who steps down after more than six years in the position.

"I am proud of our incredible, diverse talent and positive culture and the fact that we are trusted by clients to advise on an impressive array of matters around the world," said Maslen-Stannage. "I look forward to working with and leading the Partnership Council in its important role and supporting our CEO Justin D’Agostino and the Executive team in achieving the next phase of our strategic goals.” 

"Rebecca is uniquely qualified for this role. She has always excelled as a dynamic and inspirational leader. I look forward to working closely with her to realise the firm's ambitions,” said D’Agostino.

Tip Off ROF

Comments

Anonymous 12 March 21 09:30

Ha ha, take that US Firm wage slaves!

You've given up your lives for the 'dolla', but now you see the true financial bonanza of Magic Circle life in all its glory.

Whose the big rich bally baller now, eh?

 

Anonymous 12 March 21 10:01

Nothing from Irwin Mitchell. We are in "recovery mode" apparently - which I think is management code for "the firm is no longer in the intensive care unit"....

Anon 12 March 21 10:55

Profit is rumoured to be up at Linklaters so looking forward to partners showing we (partners, lawyers and business services) are one team and adding an additional Covid bonus too. 

Anon 12 March 21 11:27

Regards the wry comment on Magic Circle vs US lawyer salaries, I think the key point here is that this has gone to *all staff* and not just the lawyers - and business services staff across many firms have been shafted during Covid, so good on CC.

Anonymous 12 March 21 12:09

@Anon, yes, but 5% of a member of support staff's salary would be less than the average MC or US associate spends on shoelaces per month, so it's really neither here nor there in these considerations.

Anon 12 March 21 18:54

Let’s see whether this is just an advance of the DJs which would have been paid in next pay review.... 

Anon 12 March 21 18:55

Let’s see whether this is just an advance of the sums which would have been paid in next pay review.... 

Unlawful deductions 13 March 21 06:09

Will those firms that stole money from their staff through reducing their pay now voluntarily return that money?

 

Anon 13 March 21 22:40

Hey DACB, given that you keep telling us all how well we’re doing maybe you’d like to give us any bonus at all?  

Anonymous 16 March 21 23:05

Wow! Impressive during these times.  Noting the fact ROF highlighted the divide in A&O which is very much there. Downtown Abbey mentality...it will never change. Best chance to get a raise is to shag a partner.

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