updated on 19 July 2022
Reading time: one minute
A range of law firms have announced plans to give their staff bonus payments due to the ongoing cost of living crisis.
Magic circle firm Clifford Chance said it will provide a £1,500 bonus to trainee lawyers and business services staff in the UK.
Meanwhile, Shoosmiths is paying out £1,000 to employees after revealing record revenues and profits for last financial year. The national law firm achieved an 8% increase in revenue to £181.8 million, with net profit increasing 9% year-on-year to £60.7 million. Profit per equity partner also increased by 3% to £675,000.
In May, Shoosmiths made discretionary ‘thank you’ 3% bonus payments to all staff. The additional £1,000 cost of living payment will be paid in September.
The firm said it’s been “able to invest in a comprehensive range of rewards designed to both recognise the significant contribution of its people in delivering these results, while also recognising the challenges they face because of the current economic climate.”
Elsewhere, Stockport-based criminal firm Howards Solicitors will pay non-fee earning staff a bonus of £500 this month.
Earlier this month we reported that international firm Bird & Bird will pay its employees bonuses of £1,000, alongside Irwin Mitchell LLP and other businesses such as Lloyds Bank. After achieving a 19% increase in global revenues, Osborne Clarke LLP planned to pay bonuses of at least £2,500 to UK staff.