Pinsent Masons to focus on client service with new bonus scheme
Pinsent Masons launches new bonus scheme that will reward lawyers with up to £10,000 for their work on client relationships
September 14, 2015 at 07:13 AM
2 minute read
Pinsent Masons has launched a new UK bonus scheme that will reward lawyers for their work developing client relationships.
Non-partner lawyers and support staff will be able to receive an additional bonus worth up to £10,000 each based on the new bonus criteria, which will apply to staff in all UK offices for the 2015-16 financial year.
They will be assessed on criteria including client service, relationship management and "innovative approaches to the design and delivery of legal services." These criteria are designed to award lawyers for focusing on improving client relationship and client experience.
Staff whose contribution in this area is deemed to be "significant" will be eligible for £2,500, those who make an "advanced" contribution" will receive £5,000 and those whose contribution is "outstanding" will receive £10,000.
This bonus pot will run in tandem to the standard bonus scheme which focuses on more traditional measurements such as hitting and exceeding billable hours targets.
Pinsents' director of human resources and learning Jonathan Bond, said: "Clients have been demanding greater cost certainty on one hand, while on the other our principal means of measuring lawyer performance has been looking at metrics like utilisation. Under the new scheme our lawyers will still be rewarded for putting in the hard yards, of course. However we are simultaneously encouraging them to think holistically about the client relationship and how they can help the client achieve its objectives."
Pinsent Masons recorded strong financial results in 2014-15 with its profit per equity partner rising to £538,000 in 2014-15, up from £405,000 in 2013-14 and its revenue increasing from £362.2m in 2014-15, up by 12% from £323m last year.
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