Hogan Lovells latest to thank lawyers with Covid bonuses
UK associates and staff to receive extra 5% of salary
Hogan Lovells joins a growing number of law firms thanking lawyers and staff for their lockdown endeavours with ‘Covid bonuses’.
The international firm is taking a regional approach to its bonus payments which are “in order to thank everybody at the firm for their contribution during such a challenging time”.
All lawyers (besides partners) and business services staff in Europe, Middle East and Africa (EMEA) and Asia-Pacific are to receive a one-off discretionary payment of 5% of their salary in June. This is in addition to their usual annual salary and bonus reviews.
“As we continue to operate under very challenging conditions, we want to thank our people for their hard work and dedication in delivering for our clients during these difficult times,” said Hogan Lovells CEO Miguel Zaldivar. “This has been an extraordinary time and everyone across the firm has pulled together to help us deliver a strong business performance. This has enabled us to be able to acknowledge their hard work and commitment.”
Business services staff, including paralegals and PAs, in the firm’s Mexico and Brazil offices will also receive a one-off discretionary payment of 5% of their salary, as will lawyers, except this will be based on performance and a minimum hours requirement.
As for bonuses for associates based in the US, they will be awarded cash sums ranging from $12,000 to $64,000 (£8,700 to £46,600) based on performance, seniority, and a reduced minimum hours requirement of 1,850. The bonuses will be paid in two parts, in June and November 2021. Business services staff in the US will receive a Covid bonus of $1,000 (£730).
The announcement follows other City law firms thanking their staff with cash bonuses. Allen & Overy, Clifford Chance, Linklaters and Herbert Smith Freehills are all handing out a bonus of 5% of salary, whilst other firms have announced they will give everyone lump sums around the £1k mark.