2025 Pay Gap Report
The pay gap regime applies to all UK businesses which employ more than 250 people. Our annual report outlines data relating to our UK workforce analysing pay gap data from a gender, ethnicity, sexual orientation and disability perspective.
A foreword from Andrew Masraf and Laura Cameron:
Andrew Masraf
From 2018 to 2025, we have taken deliberate, consistent steps to build a more balanced and equitable firm – our Pay Gap Report for 2025 reflects this. The progress reflected in our data is the product of sustained commitment across our partnership, leadership teams, and wider colleague community.
Across our employee population, the mean gender pay gap has reduced from 23.50% in 2018 to 17.90% in 2025, demonstrating the impact of strengthening our female talent pipeline, and improving access to senior roles. At partner level, our long‑term efforts to embed transparency and broaden pathways to partnership are beginning to shift the shape of our most senior cohort, with the median partner pay gap improving from 41.22% to 35.61% over the same period.
Taken together, the combined picture shows clear, sustained progress: our median combined pay gap has reduced from 41.13% in 2018 to 32.78% in 2025. This shift reflects not only improvements in representation but also the maturing of our systems, behaviours, and leadership expectations.
While we recognise there is still a significant amount of work to do, the story of the last seven years is one of meaningful, structural change. We are a more balanced firm today than we were in 2018, and our continued investment – in transparent progression, leadership accountability, sponsorship, mentoring, and inclusive culture – positions us to accelerate this progress even further.
As Senior Partner, I am proud of the commitment shown across our firm and confident in the path ahead. Our ambition remains clear: curating a workplace where equity of opportunity is lived, measured, and strengthened year after year.
Laura Cameron
Across the firm, we are seeing the impact of intentional leadership, stronger advocacy for women’s progression, and a culture that increasingly values transparent conversations about career pathways. Our focus has sharpened: we are investing in the environments, behaviours, and structures that enable women to thrive and advance at every stage of their careers.
In the 2025 partner promotion round, 52% of those promoted were women, an increase from last year’s 45.5%. This upward shift demonstrates the growing depth of our female talent pipeline and the impact of the intentional changes we have made to how we identify, sponsor, and support future partners.
A key driver of this progress is the culture we are building around visible, authentic leadership. Over the
past year, we have invested in storytelling, role‑modelling and, open conversations about progression – most notably through our new Female Advancement Panel Series, which spotlights our senior female leaders across the firm. These initiatives create space for vulnerable leadership, honest reflections on navigating career pathways, and practical insight into what meaningful sponsorship looks like in practice. They have become a powerful catalyst for engagement, ambition, and allyship.
To build on this momentum, we have also established a Gender Leadership Working Group and implemented a new Gender Progression Action Plan, bringing clarity, accountability, and renewed ambition to the areas where structural change is most needed. The focus is simple: dismantle the barriers that slow or limit women’s progression, strengthen equitable access to opportunities, and ensure our systems and leaders actively support gender equity at every stage of the career journey.
We are encouraged by the progress we have made and clear‑eyed about the work still ahead. With the cumulative effect of transparent processes, visible leadership and a deepening culture of support, we are well‑positioned to accelerate gender equity in the years to come.
Read the 2025 report here.