City giant aims to retain senior female staff with new approach

Allen & Overy (A&O) is set to roll out an innovative flexible working scheme allowing partners to remain in the equity while working part-time.

The new scheme will be available to all partners globally but is primarily intended to help the firm retain a higher number of female partners in the equity.

Partners will be able to sign up to the scheme from the start of the new financial year in May, when they will be able to work either a minimum four-day week or increase their holiday entitlement to up to 52 days each year on top of the regular six weeks' leave partners are entitled to.

They will be remunerated on a pro rata basis and will be able to receive a minimum of 80% standard profit share, capped at 30 equity points – equivalent to five years' progress on A&O's standard equity track, which runs to 50 points.

The move, which is unusual in a top City firm, will let partners benefit for up to eight years – allowing for three years as a salaried partner and five years as full equity.

A&O has been piloting the scheme over the last year with three partners and already has interest from a further two partners who will take up the flexible working option when it officially launches.

The overhaul follows 18 months of consultation between A&O's partnership, with senior partner David Morley leading the initiative alongside a nine-member steering committee chaired by London capital markets partner Geoff Fuller.

Morley said: "Back in May 2008, I made it clear that increasing the number of women was a key strategic goal. If you want to have a sea change, you must start from the top. You have to change the way the partnership works. We felt that it was important to give the most talented female associates the aspiration to make it into the partnership."

A&O, where 42% of lawyers but only 16% of partners are female, already has a number of flexible working options open to associates and staff. It also provides options including increased paternity leave and home working.

Director of human resources Genevieve Tennant (pictured above) added: "We have taken a top-down approach to ensure that this is a workable and partner-supported policy. While a key objective is to aid the retention of our talented female associates, it's important to stress that these solutions are open to all, irrespective of gender."