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