A unique reward strategy to differentiate Shoosmiths LLP

The challenge

As a leading national law firm, Shoosmiths have a unique culture with collaboration at the heart.  This was a critical aspect of the Firm’s response to rocketing pay rates in the sector that were challenging affordability, value, and equity.

Verditer partnered with Shoosmiths to establish and implement a clear reward strategy, including an award-winning bonus, at a challenging time for the legal sector.

“We used Verditer to help us design and introduce a new reward strategy, including a bonus and pay benchmarking. The team were insightful, commercial and really ‘got us’.  They created a bespoke strategy that met our specific requirements and excellently guided our implementation.”

Our approach

We spent time getting to know the firm, their current approach to reward, and employee feedback before interviewing several partners and other key stakeholders.

From this we proposed a way forward for reward that was truly aligned to business goals and aspirations.  Our suggestions were then refined in consultation with the leadership team.

“Verditer listened carefully and played back a logical approach that we could understand and buy into”.

A critical decision for the firm was whether to introduce a bonus and, if so, what performance to reward.  Many law firms use billable hours.  But this didn’t fit well with the collaborative culture at Shoosmiths and the desire to reward the many different ways people can contribute to success.

The outcome

The bonus developed rewards financial metrics alongside strategic goals relating to clients, people and communities.

“Verditer approached our bonus design well, engaging key stakeholders and skilfully bringing the leadership team to a consensus way forward”.

A metric in year 1 focussed on reducing business travel.  This stimulated discussion and changed behaviours.  Not only did this mean the money spent worked really hard for the firm, it also lead to ‘Best ESG Initiative’ in the People in Law Awards 2024, and was cited at the British Legal Awards.

Alongside the bonus design, we sourced additional pay benchmarking insight, and guided the creation of agile pay ranges.  This brought the flexibility to reflect other factors affecting pay outside of years of experience.

This all meant quite a change for the firm, and we helped craft the employee communications too.

“The team were generous with their time, progressive in approach, yet very down to earth.  Their style is collaborative, open and honest and we didn’t feel preached to. Their communications support was especially helpful.

This was a significant project for an impressive firm that was successfully achieved within seven months.

Since implementation, the firm moved from 30th to 18th place for pay satisfaction in the 2023 RollOnFriday Law Firm Survey. A strong placing relative to peer national law firms.

The project was shortlisted for numerous awards including People in Law, FT Innovative Lawyers Europe, and CIPD People Management Awards.