bonus scheme
We have a long standing culture of contribution and reward. This is supported by an article in the Australian Financial Review confirming that we have been the only firm nationwide to have sustained a consistent, generous and realistic bonus scheme over the last 10 years. A number of other top and mid-tier Firms have only recently introduced incentive schemes, some as late as 2010. Bonus offers at these Firms are still conditional on a number of factors such as minimum years of experience and Firm success.
In contrast, we continue to differentiate ourselves from other firms by implementing a transparent bonus scheme that is based on individual performance, irrespective of market conditions. Unlike our mid and top-tier counterparts, our fee based scheme applies to professional staff at all levels, including law clerks. The fee based scheme allows for a 10-15% bonus to be paid out in relation to an individuals total salary package. The additional discretionary bonus scheme applies to all staff and has no limits.
By way of comparison, a top tier firm mentioned in the Australian Financial Review article, paid out bonuses to 30% of staff in 2010-11, whereas we paid out fee based bonuses to 65% of staff and total bonuses to 71% of staff.
