Osborne Clarke celebrates strong financial year with UK employee bonuses
updated on 09 July 2024
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To reward high performers, Osborne Clarke LLP has handed a 5% bonus to its UK employees following a significant increase in revenue and profits. The law firm plans additional rewards later this year.
The law firm’s net profit in the UK increased by 14% to an impressive £84.8 million, while UK revenue and profit per equity partner both increased by 11% to £240.5 million and £771,000, respectively. All qualifying staff received a minimum payment of £2,000, with a pro-rata adjustment for new starters. The bonus was paid out in June.
All UK service lines contributed to the surge in revenue, with notable double-digit growth in advisory; disputes and risk; and projects, real estate and finance. Among the firm’s seven key UK sectors, four – namely life sciences and healthcare; retail and consumer; mobility and infrastructure; and energy and utilities – also experienced double-digit growth.
Osborne Clarke’s UK managing partner, Conrad Davies, attributed the law firm’s success to investment programmes implemented in the previous year and to “the dedication and commitment of our teams”. Davies explained: “Ensuring more of our income falls to the bottom line gives us the ability to continue to invest heavily in our people.” As part of the firm’s long-term incentive plan, starting in August, high performers will be rewarded with bonuses of up to 40% over three years.
Internationally, Osborne Clarke has surpassed its revenue target by generating £445 million in revenue, reporting growth of 19% compared to £375 million in the past year. A “big highlight” for the law firm was the decision to expand its presence by opening a third US office in Miami.
Osborne Clarke's international CEO, Omar Al-Nuaimi, described the US market as “very exciting” and emphasised its importance to the firm’s international clients. Al-Nuaimi added that the “ team has had a successful start in strengthening” its relationships across the US, Latin America and Spain.
