Stephens Scown, the south-west law firm that topped the legal profession’s showing in the Sunday Times Best Companies to Work For rankings, is to pioneer a new John Lewis-style shared ownership and profit model.
The firm, which has around 300 staff, 50 partners and a turnover of £17m, will pool all profits above a certain minimum threshold, with half being retained by the firm and the rest shared equally among participating members of staff. Fee-earners and receptionists alike will receive the same bonus payment, and the average bonus is expected to rise from £1,300 last year to more than £2,000 this year.
It has formally agreed the new model with the regulators and tax authorities, and has created a new company, Stephens Scown Ltd, which is owned by the staff through an Employee Benefit Trust. The company will begin using the new model on 1 May.
Robert Camp, managing partner, says: “Everyone in the firm is totally behind this—the partners included.
“When I started consulting on the model three years ago, the really strong feedback was that the bonus should be shared equally with no differentiations according to grade or seniority. I hope our scheme shows other partnerships a way forward.
“This model could become a blueprint for thousands of partnerships across the country, in law, accountancy and many other professional services sectors. The two most important things in running a business are client service and staff engagement.”
He noted that accountants Grant Thornton and law firm Mishcon de Reya are currently considering introducing similar schemes.
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