Follows similar moves made by HSF, Simmons and Bevan Brittan
Clifford Chance joins a number of law firms in handing lawyers and staff bonuses in recognition of their efforts throughout the coronavirus pandemic.
The magic circle firm is awarding all of its staff globally a one-off bonus amounting to 5% of their salary. The sum is in addition to other salary and bonus reviews.
Matthew Layton, global managing partner at Clifford Chance, said: “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. I could not be prouder of our team here at Clifford Chance.”
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 special payment to every employee across its global network was in recognition of their “dedication and hard work” in the face of “the tremendous disruption and challenges experienced in the last year”.
Simmons & Simmons announced yesterday it is awarding staff of all levels with a £1,000 one-off bonus in recognition of “the contribution that everyone has made to supporting the firm and its clients throughout these difficult times”. The bonus is in addition to the firm’s existing bonuses and remuneration structures.
Meanwhile, Bevan Brittan announced pay rises and ‘thank you’ bonuses for all staff last week. The firm said they’ll receive a 3% pay rise this month, with an additional 3% bonus to be applied to the last six months of pay. “Both the additional increase and the thank you bonus recognise and reward our staff for their professionalism, resilience and how they have been able to continue to provide excellent support for all our clients in the most challenging of circumstances,” said managing partner Duncan Weir.
City law firm financials have held up remarkably well in the face of the economic downturn brought by the coronavirus. Many have posted upbeat financial results in recent months and have begun to reverse the stringent measures introduced at the start of lockdown. It’s likely we’ll be hearing more law firms rewarding their staff with one-off sums of money, thanking them for their work, in the coming weeks.