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Allen & Overy Boosts Work-Life Credentials With Vacation 'Trading' Initiative
Lawyers and staff are now able to buy and sell a portion of their vacation time
Legal Week
January 18, 2008
Allen & Overy lawyers are now able to buy and sell vacation days, under the latest flexible working scheme introduced at the Magic Circle law firm.
Lawyers and staff at the firm have been given the option of selling a proportion of their vacation time back to the firm as well as being able to buy extra days.
Workers are allowed to trade vacation time worth a limited proportion of their salary. It means a mid-ranking trainee, who has 25 days of annual leave, would be able to sell back or buy up to five days.
The firm rolled out the changes at the start of its new holiday year in October. The measures are part of a wider package Allen & Overy has been considering over the past year, triggered by issues of work-life balance and the need to update guidelines to bring the firm in line with age discrimination regulations.
The firm has also changed its associate career model, moving away from a post-qualification experience-based structure and instead introducing junior, mid and senior associate tiers. It has "decoupled" years-qualified from salary and bonus, particularly at the senior level.
The firm was one of the first top London practices to tackle associate career progression when it introduced managing associate and counsel ranks back in 2005. A 12-month review ending in 2006 saw it address career guidance, communication and performance expectations in a drive to cut back on associate attrition rates.
