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Linklaters to Introduce Merit-based Bonuses for Associates
Jos Weale, Managing Editor, All About Law
The law firm has announced it will introduce a merit-based bonus scheme to “reward high performance as well as chargeable work” for associates who have passed two years PQE.
In law, London associates are paid on a salary scale known as a lockstep; the amount they earn is strictly determined by their years of PQE (Post Qualified Experience). They also currently receive an end-of-year bonus to reward their chargeable hours.
The changes will apply to London-based associates, and will provide those over two years PQE with a base salary, plus an end-of-year bonus which will reflect performance as well as billable hours.
Linklaters partner Michael Bennett said: “Feedback from associates indicates they would like to see individual performance playing a greater role in overall remuneration. The changes we are proposing will help address this and reflect the firm’s commitment to offer our people the most attractive overall package.”
The change, which kick into action as of May 2014, reflect the firm’s ‘Our Deal’ campaign and aims to ”ensure salaries better reflect individuals’ contributions”.
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