Shoosmiths to share success with new collegiate bonus scheme

August, 2022 - Milton Keynes, England

Law firm Shoosmiths has today launched its first formal employee bonus scheme as part of a refreshed reward strategy. 

The new reward strategy has been designed to cover four key areas: a competitive salary to reflect each employee’s role and personal contribution; a new collegiate bonus scheme based on the firm’s collective success in delivering its strategy; a range of ‘recognition rewards’ to celebrate individual achievements ‘in the moment’; and a comprehensive range of benefits from which employees can choose to reflect their personal priorities.

Shoosmiths has aligned its bonus scheme to its new strategy by basing it on non-financial strategic goals as well as financial targets, and by paying the same percentage bonus to all employees to promote teamwork and collaboration.  

The Shoosmiths Employee Bonus has an on target pay-out for all employees of 5% of basic salary for the performance year, with the opportunity to earn up to 7% of salary, depending on the firm’s performance. 

The percentage bonus paid is based on criteria including meeting profit targets as well as goals associated with client feedback – a key driver of the firm’s strategy to ensure it delivers ‘client excellence’ – and a goal for helping to meet the firm’s carbon emissions targets through reduced travel. In November 2021, the Science Based Targets initiative (SBTi) validated Shoosmiths’ near-term science-based emissions targets to reduce absolute scope 1, 2 and 3 Greenhouse Gas Emissions by 50% across the entire value chain by FY2030 from an FY2020 base year.

David Jackson, Shoosmiths CEO, said: “We believe Shoosmiths’ collaborative culture is something that sets us apart as a firm, which is why we are introducing a collegiate bonus that will ensure everyone in the firm benefits from us working together to achieve our strategic objectives.”

The announcement comes after the firm revealed it will be making an Autumn Payment of £1000 in September to all colleagues to help with the growing cost of living.