Mid-tier UK law firms are offering lawyers higher bonuses for working longer hours as they attempt to find ways to compete with deeper-pocketed rivals on pay.
London-based Simmons & Simmons, RPC and Shoosmiths have launched or updated policies that reward lawyers for the more hours they bill, in some cases amounting to extra payouts worth as much as 40 per cent of base salary.
Simmons is offering bonuses this year of between 25 per cent and 40 per cent of salary for associates who record more than 1,800 billable hours, according to an internal memo seen by the Financial Times. Associates must record a minimum of 2,100 chargeable hours to receive the top amount.
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