Norton Rose Fulbright will pay all its Europe, Middle East and Asia employees a one-time 3% bonus, equivalent to a week and a half’s pay.
The special bonus is to be given to all staff below partner level, in addition to regular pay reviews and performance bonuses.
The extra payment is for all permanent lawyers and business services staff and includes the firm’s U.K. offices.
The firm is also increasing its existing discretionary bonus pool by a third, to further reward high-performing staff.
The increase in remuneration follows the firm’s strong financial performance in 2021. Norton Rose’s latest financial statements showed that operating profits for its non-U.S. arm rose by 16% for the year to April 30, 2021, up to £152.8 million.
Peter Scott, managing partner, Europe, Middle East and Asia, Norton Rose Fulbright said: “We’d like to thank everyone for their contribution to our success and strong performance last year. We really value the hard work, dedication and support of our talented people and this additional reward is to recognise the commitment shown over the last year to our continued success.”
The one-off payout comes after the firm increased its U.K. associate pay in November, raising NQ salaries from £107,500 to a maximum of £133,000 for those achieving targets of 1800 hours. At the same time, the firm also confirmed its twice-yearly bonus scheme would become permanent after a successful trial period.
Several firms, ranging from Allen & Overy and Freshfields Bruckhaus Deringer to Taylor Wessing and Shoosmiths, have paid bonuses to their staff in the past year, owing to stronger than expected performance amid the pandemic.