The launch of the bonus scheme sees the firm moving to a system that takes a holistic view of performance, where bonus assessments will recognise both the fee-earning and non-fee-earning contributions of individuals.
Bonus pools will be set at the product group level (for example, corporate finance, banking, tax, competition, financial services, etc) with senior managers having the authority to share additional bonus payments to those in their teams that have delivered exceptional performance.
In addition to contribution towards gross margin, senior management will be given the flexibility to reward exceptional contributions to individuals in areas such as business development and excellence in service delivery, which are not recognised under the current fee-earning bonus assessment scheme.
The announcement comes three years after the firm introduced a profit-sharing scheme for partners, which at the time was innovative and ambitious, with Eversheds being the very first firm to walk away from the traditional lockstep system of remunerating partners.
Bryan Hughes (pictured), chief executive of Eversheds, said: "Lawyers in a successful modern law firm must be not only fee-earners, but also business winners, client managers and team players. This innovative new bonus scheme gives Eversheds the flexibility to recognise great performance in a 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."
