Taylor Wessing has published its annual gender pay gap report for 2019 (for the year 2017/18). For the second year, the firm's mean gap for employee pay is lower than the national average of 18.1%. At 6.3% the mean has improved substantially from 13.5% in the previous year.
The firm included more information this year than the regulations require, including data for partners and the comparative data for 2017. It has also reported the results in respect of its ethnicity gap.
Employee gender pay and bonus gaps, and (separately) the partner earnings gap over the last 12 months have reduced.
Improved business performance created greater partner earnings and this has contributed to a marginal increase in the firm's mean earnings gap compared to last year. The combined median gap has improved and is now 44.2%, down from 49.4% the previous year.
Commenting on the firm's results this year, Managing Partner Shane Gleghorn said: "Diversity in our business is one of our top priorities. We are implementing measures that directly impact our gender pay, earnings, bonus and ethnicity gaps and these are moving in the right direction. Initiatives this year have resulted in an increasingly strong female talent pipeline."
Board member and lead partner for diversity and inclusion, Sian Skelton, emphasised the steps the firm is taking as part of its gender plan to promote gender equality. "Every company should aim to achieve a zero gap, but this is more than just statistic. It will take time for organisations to make the structural and cultural changes needed to achieve this."
"Our Gender Plan aims to balance leadership, optimise talent retention and improve our clients’ experience. It builds on a number of existing initiatives implemented in 2017, and our objective is to place more emphasis on accountability, with measurable outputs against which our UK Executive Board and our partners can respond."