HSF is shaking off concerns from Covid to reward employees with a bonus when a new senior partner is introduced
After Herbert Smith Freehills (HSF) released robust financial results after the pandemic, he recognized the efforts of employees worldwide by giving everyone a 5% bonus at the same time as the announcement of their new senior partner Rebecca Maslen-Stannage.
In a statement, HSF boss Justin D’Agostino said: ‘The company has developed well so far this year. In recognition of this, we pay all employees worldwide a one-time financial payment of 5 percent of their salary, which is due in March. I am very pleased that all of our employees will participate in our good performance. This is recognition of their dedication and hard work in the face of the tremendous disruptions and challenges that have arisen over the past year. This special payment is in addition to our usual bonus round 2021. ‘
The firm has also lifted pay freezes in “some jurisdictions” to “recognize promotions for both lawyers and business services and advances for lawyers.” These revised salaries took effect on January 1, 2021. HSF’s standard salary review cycle will resume this year.
The bonus is another indicator that the international legal profession has coped well with the Covid-19 pandemic. The signs were already positive for HSF when the company reached £ 1bn in sales last July after a 2.5% increase in sales.
Other Global 100 companies have shown their resilience in the New Year. Reed Smith saw healthy revenue growth of 5% and a robust 16% increase in earnings per equity partner (PEP) in February.
Among the key mandates that drove HSF’s growth over the past year, the company represented the Financial Conduct Authority (FCA) in the high-profile Covid-19 business interruption insurance case and won a lucrative place in Sainsbury’s new legal advisory group.
Also this week, HSF announced the results of its senior partner elections and named Australia-based partner Rebecca Maslen-Stannage to succeed James Palmer from London. After winning the partnership vote, M&A partner Maslen-Stannage, who has served as the company’s deputy senior partner since 2015, will begin her four-year tenure on May 1, 2021. Palmer, who served six years in this role, will be back be fully occupied -time customer practice.
D’Agostino added: ‘Rebecca is uniquely qualified for the role. She has always excelled as a dynamic and inspiring leader. I look forward to working closely with her to realize the company’s ambitions. ‘