UK Law Firms Reward Staff With COVID Bonuses
A number of UK law firms are issuing “COVID bonuses” to their lawyers in recognition of their work during the pandemic.
Other law firms have also committed to issuing pandemic bonuses to employees.
Lawyers and support staff at Allen & Overy will be given a one-time bonus equivalent to 5% of their annual salary, which a spokesperson said is “in recognition of their hard work and contributions in very challenging circumstance over the last 12 months”.
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Like DLA Piper’s bonus offers, Allen & Overy’s staff bonuses will be granted in addition to their usual performance bonuses and salary reviews.
Meanwhile, Ashurst has doubled the size of its bonus pool and is preparing to issue £1,000 rewards to all of their global staff in July. Paul Jenkins, Ashurst’s global managing partner, credited the firm’s performance in 2020 to “a great team effort”, necessitating the additional bonuses.
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£1,000 cash awards are also being issued by Walker Morris to their partners as thanks for their “incredible support” in the last financial year.
The bonus announcements follow on the heels of other City law firms issuing rewards to their staff for exceptional performance during the pandemic. Clifford Chance, Herbert Smith Freehills and Linklaters have all pledged to issue 5% bonuses to their staff in recognition of good work during an unusually punishing year.
UK law firms are now positioning themselves to tackle the new year and an expected rise in financial services litigation over the terms of pandemic loans issued in 2020. Individuals struggling with debt of their own may benefit from advice on loan repayments.