2025 U.K. Gender Pay Gap Report

This is the ninth consecutive year we have published our U.K. gender pay gap disclosure. Over that period, all measures have improved, with further progress on key measures from 2024 to 2025. 

We invite you to read the report, which includes our U.K. overall figures, disclosure by legal entity and the extensive range of initiatives in place to support the professional and personal growth of all employees at the firm.

Our pay gap reflects the current distribution of men and women across different roles within the organization, with a higher proportion of men in senior, higher paid positions. This measure does not adjust for important differences such as job level, experience, geography, work hours and other factors that generally influence pay.

We confirm that the information included in this disclosure is accurate and meets the requirements of the Equality Act 2010 (Gender Pay Gap information) Regulations 2017.

Matthieu Wiltz and Conor Hillery

Co-CEOs, EMEA

Gender Pay Gap Report – U.K. Overall*

*U.K. overall figures include all U.K. legal entities, including those with fewer than 250 employees.

Key findings on our U.K. overall results:

• Given the continued structural and headcount changes at the legal entity level of the organisation, we believe that the U.K. overall figures are a more representative measure of our progress.
• Since reporting began, the pay gap has shown improvement across all measures. 

Year-on-year changes: 

• Our mean hourly pay gap has narrowed by 2.3pp¹ from 24.3% to 22.0%.
• Our median bonus pay gap has also narrowed by 1.9pp from 35.2% to 33.3%.
• The representation of women in the lower middle and upper pay quartiles has increased.
• The proportion of men and women receiving a bonus has increased – men from 94.0% to 94.7% and women from 94.3% to 94.6%.