What's in it for me? The benefits on offer at the UK's top 10 law firms
With top law firms all clamouring to attract new recruits from the same limited pool of candidates, it is easy to judge the leading firms by headline figures such as pay - and there is clearly little distinction on that front. Yet putting aside the debate over which firm offers the most lucrative package, there is a new battleground emerging, with firms standing out due to marked differences in their benefits packages. Freshfields Bruckhaus Deringer head of human resources (HR) Kevin Hogarth comments: "Firms have become more savvy in recognising that they all have to remain competitive with each other in terms of what benefits are on offer. If there is a significant difference, it can make a difference to the talent a firm attracts.
February 08, 2011 at 02:26 AM
6 minute read
In order to stay competitive in the recruitment market, law firms have been honing and developing the benefits packages offered to employees. Claire Ruckin talks to the UK top 10 law firms to find out what's available for those on the payroll
With top law firms all clamouring to attract new recruits from the same limited pool of candidates, it is easy to judge the leading firms by headline figures such as pay – and there is clearly little distinction on that front. Yet putting aside the debate over which firm offers the most lucrative package, there is a new battleground emerging, with firms standing out due to marked differences in their benefits packages.
Freshfields Bruckhaus Deringer head of human resources Kevin Hogarth comments: "Firms have become more savvy in recognising that they all have to remain competitive with each other in terms of what benefits are on offer. If there is a significant difference, it can make a difference to the talent a firm attracts.
"Junior lawyers find it difficult to choose between the top firms; therefore, the quality of the benefits are part of the decision-making process they take on. It's not just about salary and bonus but the benefits on offer, too."
Norton Rose head of HR Lak Purewal adds: "For all candidates across the board, benefits are definitely a key consideration in their decision-making process. There is an expectation of the kind of benefits package that an international legal practice of Norton Rose's standing should offer and it is key for us to be competitive in this area to ensure that we attract the best talent."
All top 10 firms offer a similar range of key benefits including private medical insurance, life assurance, corporate doctors, childcare vouchers, long service awards and interest-free season ticket loans. But it is in areas like pensions where some of the biggest differences become apparent. Slaughter and May is the clear winner on this front, matching contributions up to a hefty 16% of salary. Allen & Overy (A&O) offers between 4%-15% depending on age, while Clifford Chance (CC), Freshfields and Hogan Lovells all match contributions up to 10% or more.
Lifestyle choices
But for many young recruits, more tangible and immediate benefits like gym memberships have a greater pull. Half of the top 10 firms have onsite gyms including CC, Linklaters, A&O, Freshfields and Hogan Lovells.
Linklaters head of HR Tim Winsey backs this up, saying: "Some benefits are highly valued while others people are not fussed about. We are focusing our efforts and energy on the valued benefits that really make a positive impact on people. Over the past five years or so law firm benefits have evolved significantly with more emphasis now on supporting busy lives and general health and well-being."
He adds: "The in-house gym and exercise studios have been incredibly popular. It was important for us to create high-quality facilities that are easy to access to encourage physical fitness which in turn helps all aspects of health, both mind and body, and translates into people having more energy and enthusiasm in the workplace."
The magic circle firm has an in-house gym which offers a number of free classes including pilates, yoga, spinning and aerobics. The firm also offers a subsidised offsite gym membership in case some people prefer to exercise "out of their colleagues' sight". Hogan Lovells also offers a range of free classes at its onsite gym including pilates, yoga, spinning and all-body workouts; however, personal training and specialist classes are offered on a self-pay basis.
CC's†onsite health club has a gym, a pool, squash courts and a range of classes, which are free for all staff to use. The only costs occur if a member of staff wants a beauty treatment such as a massage or facial or a personal trainer.
The remaining firms in the top 10 band offer subsidised offsite gyms, most at heavily-reduced rates. Herbert Smith pays half the membership cost of a gym while Norton Rose offers two routes to employee gym memberships – one is through the firm's private healthcare provider, which gives access to three gym chains, and the other has seen the firm enter into an agreement with two gyms to offer subsidised memberships at a rate of £15 a month.
The other popular benefit to catch employees' attention is holiday and the opportunity to buy or sell days. Firms differ considerably when it comes to this. At CC, employees can vary their holidays by up to five days each year by either buying or selling days at the beginning of the holiday year. However, they must take the minimum entitlement of 20 days' leave and additional holiday can only be bought up to a maximum entitlement of 30 days.
Eversheds offers a holiday trading scheme based on how many days per week employees work. The firm allows employees to buy a maximum of one day less or sell a maximum of one day more than the amount of days in the week they work. For instance, if a member of staff works five days a week, they can buy up to four additional holiday days or sell up to six holiday days a year. Both Slaughters and Norton Rose do not allow staff to buy or sell holiday, while Hogan Lovells does not currently offer additional holiday but is looking at introducing a flexible scheme later this year.
Norton Rose recruitment partner Sam Eastwood says: "Attractive recruitment comes down to a range of factors, of which added benefits is one. I would say in general, legal practices are good in this area and that companies overall are increasingly responsive to the need to offer a full range of benefits to all staff. It shows something about the ethos and spirit of the company that you are joining."
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