Allen & Overy (A&O) has become the first law firm to sign up to the Government's new 'business compact' which will see companies agree to offer internships to young people from deprived backgrounds.

The compact is part of the Government's wider social mobility strategy unveiled today (5 April) by Deputy Prime Minister Nick Clegg (pictured).

A&O has joined accountancy giants KPMG and PricewaterhouseCoopers as the first businesses to sign up to the compact. Clegg said that the strategy – dubbed 'Opening Doors, Breaking Barriers' – will "aim to ensure everyone has a fair opportunity to fulfil their potential, regardless of the circumstances of their birth".

A&O said it had been targeted for the launch due to already having a number of social mobility projects in place, the largest of which is its 'Smart Start' scheme.

The summer programme – which sees 100 16 and 17-year-olds from deprived London boroughs spend a week at the firm to learn about routes into the legal profession – is set to run for the third time this summer.

The firm's other social mobility efforts have included widening the range of universities from which it recruits future trainees. A&O now actively targets around 40 establishment, ranking it alongside Eversheds as the UK top 20 firms with the widest pool of target universities.

A&O partner and social investment head Susan Hazledine told Legal Week: "The reason why the lack of social mobility is a concern is because it means a loss of talent for the profession. We have been passionate about broadening access to the legal industry for some time and there is a lot that can be done at various stages. I expect more firms will get involved in this important project."

Other organisations to have signed up to the initiative include Channel 4, the Guardian, and the Association of Chartered Certified Accountants.

Click here for more from the Deputy Prime Minister's website.

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