A firm spokesperson told LegalWeek that while billable hours will remain part of the criteria, “bonus allocations will be discretionary. There will be no fixed correlation between hours and bonuses. Most importantly, there will be no hours’ target.”
The policy change is limited to Clifford Chance’s London office.
According to the report, bonus decisions will now include an array of other factors, including “overall achievement, effort, business and technical skills, client satisfaction, teamwork and community work.”
In addition to how the bonuses are doled out, Clifford Chance has also altered its bonus levels. The maximum bonus payment of 40 percent of base salary, which was previously eligible to associates with at least four years “post-qualification experience,” will now be limited to senior associates.
Clifford Chance is global London based firm with 29 offices in 20 countries and 3,600 legal advisers.