Commentary
on the data
Our mean and median gender pay gap figures are based on hourly pay.
The mean gender pay gap figure shows the difference between the average hourly pay of men and the average hourly pay of women.
The median figure is the difference between the middle man and middle woman in a list of hourly pay ordered from highest to lowest.
Our mean gender pay gap for 2025 is 13.11%
Our median gender pay gap for 2025 is 21.72%
For gender pay, we have seen a decrease of 1.21 percentage points in our mean pay gap from the 2024 calculation of 14.32% to 13.11% in 2025. We have also seen a decrease of 2.56 percentage points in our median pay gap from 24.28% in 2024 to 21.72% in 2025. There are three main factors that have contributed to this:
- The overall average hourly pay rate for Females has increased by 6% since last year, compared to Males at 4%.
- The top 10 earners this year are made up of 8 Females and 2 Males, whereas last year it was 3 Females and 7 Males. The top 5 earners are 3 Female and 2 Male this year, last year the top 5 earners were made up of all Male. The changes we have seen in the top 10 earners are primarily a result of leavers and promotions.
- We have seen the proportion of Females in Senior Associate positions increase by 2% since last year, who generally command a higher hourly rate.
Gender bonus
Mean bonus gap 2024
Mean bonus gap 2025
For gender bonus, we have seen a decrease of 0.9 percentage points in our mean bonus gap from the 2024 calculation of 25.3% to 24.4% in 2025. Our bonus gap is largely driven by more Females being part-time than Males (93% of part-time colleagues are Female). This impacts the bonus gap because our bonuses are based on a percentage of an employee’s actual salary, which will be lower for part-time workers due to fewer hours worked in comparison to full-time employees.
Our ongoing commitment to implementing a robust diversity and inclusion plan means we have a good understanding of the underlying business drivers behind the gender pay gap, and the measures we can continue to drive forward to ensure we make positive progress.
Ethnicity pay
Mean Pay Gap 2024
Mean Pay Gap 2025
For ethnicity pay, we have seen an increase of 6.82 percentage points in our mean pay gap from the 2024 reporting of -0.46% to 6.36% in 2025. The average hourly rate for white colleagues has increased versus no increase for the average hourly rate for minority ethnic colleagues. This is due to the proportion of minority ethnic colleagues reducing in the highest pay quartile and increasing in the lower and second quartile.
We have seen the proportion of minority ethnic colleagues receiving a bonus increase by 3.7% from last year (76.8% in 2024 to 80.5% in 2025).
It should be noted that our ethnicity pay gap data is based on 65% of our colleagues who have voluntarily shared their ethnicity information, in contrast to our gender pay gap which is based on all colleagues’ data. We will continue to encourage more of our colleagues to share this information to improve our understanding of race and ethnicity in our workplace and future reporting.
The ethnicity pay gap data excludes our Partners (Full Equity Members and Fixed Share Members), consistent with statutory gender pay gap reporting.
We recognise that we still need to do more to understand the make-up of our workforce by ethnicity, and to increase the overall proportion of colleagues from minority ethnic backgrounds, including at Partner level. We are looking at how our new People Platform can support with collecting this data and we are actively progressing initiatives aimed at recruiting and retaining more diverse colleagues.