Withers distributes cost of living payment as PEP remains stable

UK law firm Withers has joined a number of other law firms in a handing out payouts to help its youth cope with the rising cost of living globally, as company revenue jumps 10%.

The payment of £1,000 or local equivalent will be paid to all interns, secretaries and paralegals in the UK, EU and Asia, as well as all business services employees of the company below of the management level.

Withers CEO Margaret Robertson said: “Given the current intense pressure on household budgets, we are keen to provide immediate interim support to our employees on lower pay bands ahead of our normal pay review in October. “

It comes as the company‘s financial results for the year to June 2022 show a 10 per cent increase in revenue to £267m.

Despite revenue growth, other key indicators remain stable. Profit per partner increased by 1% to a total of £668,000 over the previous year. Meanwhile, net profit declined slightly from £55.4m last year to £54.3m in 2022, equivalent to a 2% decline.

£92.8 million in revenue came from the firm‘s London office, while its US offices brought in $126.3 million. Its base in China brought in £18.6m during the year.

Withers isn’t the only company to post more subdued year-end results, with initial numbers indicating that across the industry, growth is slowing from a particularly lucrative previous year, and the UK Top 50 will be a far cry from the 19% average PEP increase it was last year.

A number of companies also made payments to employees to cushion the rising cost of living. Bird & Bird too gave its employees a one-time payment of £1,000, just like Shoosmithsand Clifford Chance provided a lump sum of £1,500 for some of its staff.

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