Mishcon de Reya to roll out new ‘bonus boost’ for associates
City law firm Mishcon de Reya is offering its staff a ‘bonus boost’ for working additional hours to remain competitive in the legal pay race, Morning Wire understands.
The law firm has added a new ‘bonus boost’ to its pay structure, which will take effect in July 2027, for lawyers who record hours significantly above their billable-hour target. But the firm is not changing its billable-hour expectation, which reportedly sits at around 1,000 hours.
Morning Wire understands that all associates, managing associates and of counsel lawyers – experienced lawyers who fall between associates and partners – will be awarded for financial contributions and wider contributions, including the use of AI.
Keeping competitive in an expensive market
The firm, which is known for its litigation and dispute resolution in the City, is focused on attracting talented lawyers across the sector.
One of its main competitors, the US giant Quinn Emanuel, pays its most junior lawyers (NQs) £180,000, while those at Mishcon earn £100,000.
Mishcon generated £330m in revenue for the 2024/25 financial year, up 9 per cent from the previous year. During this same period, the firm’s profits rose 14 per cent to £110m. However, the firm does not disclose its profits per equity partner (PEP) figures.
Law firm Shoosmiths, last year, became the first major firm to link a firmwide bonus to its workforce’s use of artificial intelligence (AI), after Morning Wire revealed it added £1m into its bonus pot for staff that prompted its Microsoft Copilot.
The firm was approached for comment.