Shoosmiths today announced its first formal employee bonus scheme as part of a ‘refreshed reward strategy’, with the national firm aiming to pay staff at least 5% of their basic salary.

Employees will be able to earn a bonus of up to 7% of their annual wage depending on the firm’s financial performance, including meeting profit targets, but also based on strategic goals associated with client feedback and helping to meet its carbon emissions targets through reduced travel. Shoosmiths said that paying the same percentage bonus to all employees will ‘promote teamwork and collaboration’.

David Jackson, chief executive, 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 said last month that it will pay all of its employees £1,000 to help with the cost of living crisis. It also made a discretionary ‘thank you’ payment equal to 3% of salary to all staff in May.

Shoosmiths, which posted record revenues and profits for the last financial year, said at the time that it wanted to ‘recognise the significant contribution of its people in delivering these results, whilst also recognising the challenges they face because of the current economic climate’.

Meanwhile, international firm Watson Farley & Williams this week reported ‘solid growth’, recording a 6% increase in global income to £187.8m last year. Overall profit was up by 9% to £59.5m, pushing average profit per equity partner to £565,000, a 2% rise on the previous year.

Senior partner George Paleokrassas said: ‘To have made such important structural investments in the firm’s future whilst also achieving solid financial results, highlights the continued success of our strategy of sector-focussed organic growth.’