Eversheds launches new bonus scheme

A new bonus scheme to be introduced by law firm Eversheds takes a holistic view of performance, because the bonus assessments recognise both the fee-earning and non-fee-earning contributions of individuals.

Eversheds’ previous scheme was based on chargeable hours.

Bonus pools will be set at the product group level with senior managers holding the authority to reward additional bonus payments to staff who have shown exceptional performance in areas such as business development and service delivery, which are both not recognised under the current fee-earning bonus scheme.

The new scheme arrives three years after Eversheds introduced a profit sharing scheme for partners, the first time a law firm built on the traditional lockstep system of remunerating partners.

Bryan Hughes, chief executive of Eversheds, said: “This innovative new bonus scheme gives Eversheds the flexibility to recognise great performance in an holistic manner and reward high performers who display commercial acumen in everything they do.

“Internal feedback to the proposed changes has been exceptionally positive, as people recognise the contributions made by team members united in winning new mandates and providing consistently excellent client service.”

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