| Following eighteen months of consultation with its partnership, Allen & Overy LLP has announced the introduction of formal arrangements for full equity partners to work part-time. Whilst the firm already offers a range of existing flexible working policies – such as career breaks for associates, part-time working, job sharing, home working, term-time working, increased paternity leave and emergency childcare – it asserts that the formal part-time partnership arrangements, which are open to all partners globally, will help retain more women through to partnership by providing a genuine option for men and women to adjust the amount of time they work while continuing to progress as an equity partner (for a maximum period of eight years).
Under the scheme, partners will be able to work a minimum four day week or be entitled to a maximum 52 days extra leave a year, with remuneration paid on a pro rata basis. Senior partner David Morley commented, “The introduction of part-time equity partnership provides greater career flexibility and removes some of the existing obstacles to promotion faced in particular by women. It’s no longer realistic to provide just one option and say ‘take it or leave it’. If you are going to make any real change you have to address the options available to people at all stages of their career – from associate through to equity partner – to help balance their professional and personal aspirations. We don’t pretend this is a cure-all but it’s a serious attempt to take positive steps and to send a strong signal of our intent to retain talent in our business.” |
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