Special payment amounts to 5% of salary
Taylor Wessing will award its lawyers and staff bonuses in recognition of their “extraordinary collective effort” during the past year.
The bonus, which amounts to 5% of salary, will be in addition to the firm’s usual annual performance-related bonuses and will be paid to everyone employed by the firm, in the practices and in business services, on both permanent and fixed-term contracts, according to a statement issued by Taylor Wessing on Monday. The additional bonuses will be paid out in July 2021.
The firm said it will also “significantly increase” its annual bonus pot to make discretionary awards reflecting individual contribution during the year and to recognise high performers.
As an additional measure, the firm announced it will give its people an extra day of annual leave, dubbed ‘Taylor Wessing holiday’, on Friday 28 May. The Spring Bank Holiday falls on Monday 31 May, and so this will create a four-day weekend for everyone in the firm.
Taylor Wessing managing partner, Shane Gleghorn, said: “Our people’s support for the business and for one another has been truly exceptional over the past year and these decisions with respect to recognition are driven by a desire to recognise the contribution, commitment and hard work of the extraordinary people in our firm.”
Earlier this month, we reported that Osborne Clarke will be rewarding its employees with a 5% share in profits as well as implementing a firm-wide Bank Holiday this year and an extra day’s holiday in the next financial year.
Other firms to have announced cash bonuses amounting to 5% include Allen & Overy, Bird & Bird, Clifford Chance, Linklaters, Herbert Smith Freehills, and Hogan Lovells.