Stephenson Harwood boosts NQ lawyer pay to £90k as it ups billable hour targets

Metropolis agency overhauls affiliate remuneration and bonus scheme

Stephenson Harwood is elevating the salaries of newly certified (NQ) solicitors in London by 20% from £75,000 to £90,000, with associates throughout completely different ranges of the agency additionally set to take pleasure in pay will increase starting from 8-17%.

They take impact from 1 January 2022 and observe the re-basing of affiliate pay bands in Hong Kong, Shanghai and Singapore earlier this yr.

NQs at Stephenson Harwood now earn the identical cash as their friends at silver circle companies Ashurst, Macfarlanes and Travers Smith, as nicely as these within the London workplace of US companies Baker McKenzie and Reed Smith. You can too see how Stephenson Harwood’s new NQ pay determine compares with others in our 2022 Corporations Most Listing.

In different agency information, Stephenson Harwood will improve its goal hours from 1,550 to 1,650, and put aside 50 hours for “non-fee earning work” such as enterprise improvement, innovation or different agency initiatives.

There have additionally been modifications to the agency’s bonus scheme, with some taking impact from 1 Might 2022. Stephenson Harwood will award bonuses starting from 7% to 20% of wage to legal professionals that hit or exceed their goal hours.

Different bonus schemes in place on the agency embrace: a ten% bonus rewarding authentic work at any profession stage, a salary-fee revenue multiplier bonus for associates who don’t meet their goal hours however obtain a price revenue of 4 or extra occasions their wage; and a crew bonus rewarding collaboration on the agency. Stephenson Harwood will quickly introduce a bonus for its prime performers for the yr.

CEO Eifion Morris stated in an announcement: “These changes are a hugely important first step in repositioning the firm. We’ve taken the decision not just to adjust our base salaries for associates, but to reposition them completely.”

He continued:

“These changes show a clear statement of intent, reflecting the confidence we have in our firm, the quality of work we do for our clients and the value of our exceptional people.”

Morris added that the agency intends to implement additional modifications to its lawyer reward schemes over the following few months.

Earlier within the week we reported that Stephenson Harwood had introduced a brand new e-car perk for its legal professionals in London.



Source link