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<blockquote data-quote="Jessica Booker" data-source="post: 72272" data-attributes="member: 2672">Bonuses are typically paid once a year - the timing will vary from firm to firm as to when in the year they are paid.Bonuses may not be paid every year though. In a year when a firm or office is not profitable, is experiencing financial issues, temporary loss of revenue or needs to invest in something substantial, bonuses may not be paid. However this generally doesn’t happen a lot.Bonus structures will vary from firm to firm, but generally I would expect the following to make up an individual’s bonus:1) Firm overall performance (this still may be cut by office even for firms under a “one firm” model)2) Practice area or department performance.3) Individual performance - this may include a calculation based on target hour for firms that have them, but will be a much wider range of considerations beyond just billable hours and based on a yearly or twice yearly performance review process.For the US firm you are mentioning, it maybe the case that the London office has a different remuneration and bonus pay date - it wouldn’t surprise me if their bonuses are paid in May/June. It maybe that the office is not profitable or has had a bad year. Or it maybe the case that the media you have read is just US centric and hasn’t covered it from a UK angle. Some US firms have a “eat what you kill” remuneration system, and so things like bonuses could be very separate from office to office.There isn’t really a standard bonus everyone gets, or if there is it tends to only be a fraction of the overall bonus paid to people. As a bonus is made up of a range of variables, it’s not like everyone gets “the same” bonus.</blockquote>

[QUOTE="Jessica Booker, post: 72272, member: 2672"] Bonuses are typically paid once a year - the timing will vary from firm to firm as to when in the year they are paid. Bonuses may not be paid every year though. In a year when a firm or office is not profitable, is experiencing financial issues, temporary loss of revenue or needs to invest in something substantial, bonuses may not be paid. However this generally doesn’t happen a lot. Bonus structures will vary from firm to firm, but generally I would expect the following to make up an individual’s bonus: 1) Firm overall performance (this still may be cut by office even for firms under a “one firm” model) 2) Practice area or department performance. 3) Individual performance - this may include a calculation based on target hour for firms that have them, but will be a much wider range of considerations beyond just billable hours and based on a yearly or twice yearly performance review process. For the US firm you are mentioning, it maybe the case that the London office has a different remuneration and bonus pay date - it wouldn’t surprise me if their bonuses are paid in May/June. It maybe that the office is not profitable or has had a bad year. Or it maybe the case that the media you have read is just US centric and hasn’t covered it from a UK angle. Some US firms have a “eat what you kill” remuneration system, and so things like bonuses could be very separate from office to office. There isn’t really a standard bonus everyone gets, or if there is it tends to only be a fraction of the overall bonus paid to people. As a bonus is made up of a range of variables, it’s not like everyone gets “the same” bonus. [/QUOTE]

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