A new policy introduced by a City firm indicates that lawyers who work from home more than two days a week will not receive bonuses. To be eligible for future bonuses, employees must spend at least three days a week in one of Osborne Clarke’s offices or with clients. Graham de Guise, the chief people officer, stated that meeting minimum expectations, including frequent office attendance, is necessary to be considered for a bonus in 2024 and beyond. Those who meet the office attendance requirements may receive a bonus worth up to 20% of their salary and a discretionary “long-term incentive plan” that pays out a 40% bonus over three years. Additional requirements include completing mandatory training and contributing to firm-wide initiatives.
Last month, Osborne Clarke distributed firm profits to certain employees, providing payments of at least £2,000 to each recipient. However, exceptions will be made for those with valid reasons for not returning to the office, according to legal news blog RollOnFriday. Mr. de Guise acknowledged these reasons and assured that they will be taken into consideration when determining bonus eligibility. He also emphasized the benefits of in-person working, such as relationship building, collaboration, idea generation, and cultural preservation.
This move follows the trend of City firms reevaluating their work from home policies in the wake of the pandemic. Skadden, a City law firm, recently increased its office attendance requirement to four days a week, with flexible working allowed on Fridays. Other companies like Investec, Lloyds Banking Group, and BlackRock have also urged their employees to return to the workplace more frequently. JP Morgan even threatened consequences for investment bankers who fail to fulfill the minimum office attendance target of three days a week, and encouraged senior staff to lead by example by working in the office five days a week. HSBC made headlines last month when it announced plans to reduce its office space, including leaving its Canary Wharf skyscraper, due to challenges in restoring pre-pandemic levels of office footfall.
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