The UK law firms of Pinsent Masons, Bird & Bird, and Taylor Wessing have connected to release their gender pay gap numbers alongside an initiative to improve workplace diversity through common practices and shared ideas. “In addition to announcing their pay gap figures together, the firms have also discussed plans to go beyond simple disclosure and also share best practices on pay and diversity, a move they are hoping will go some way to rectifying gender disparities at top UK law firms.”
Below are the breakdowns of each company according to Yahoo Finance
- Pinsents has the largest difference in pay between men and women, with male staff paid about 22% more on an average hourly rate basis and 47% more in bonuses.
- Taylor Wessing has the smallest difference in both average hourly rates across the firm and bonuses, with a 13.5% difference in average hourly rates and men earning about 29% more in bonuses than women.
- Bird & Bird, the mean average difference in hourly rates stands at 14.5%, compared with a 33.5% uplift in favour of men when it comes to bonus payments.
While there are many factors that have gone into the reported gaps, including the fact that about 70% of t”he lowest paid quartile of workers at all three firms are women”, not all things are negative. For example, at “Taylor Wessing, female fee earners took home marginally more than men at all except senior counsel level, with Bird & Bird’s data also showing a skew in favour of women not men at the junior associate level.”
Some of the ideas to improve the gender pay gap among the three law firms include “elements such as succession planning, work allocation, sponsorship of key talent and agile working” as well as appointing review committees to advise management on ways to improve dwindling numbers. Overall many agree that a new process must be put in place to decrease the gender pay gap and increase opportunities for women in each firm.
The release of the gender pay data comes before the April reporting deadline for organizations employing more than 250 people.