With over 300 staff and a turnover of £17m, Stephens Scown is believed to be the biggest law firm to implement such a scheme. All profits over a certain minimum threshold will go into a pool, with half being retained by the firm and half being shared equally among all participating members of staff.

The firm structured the scheme by creating a new company, Stephens Scown Limited, which is a member of the partnership and is entitled to a share of profits equal to the bonus pot.

The model has been officially approved by the Solicitors’ Regulation Authority and will begin from 1 May, but will apply for bonuses for the current financial year ending April 2016. According to Stephens Scown, the scheme is likely to increase the average bonus for staff from around £1,300 last year to more than £2,000 this year.

Managing partner Robert Camp said: ‘No matter what role someone has, we are all part of the same team and I wanted part of everyone’s remuneration to come from an equal sharing of profits. He added that he hopes the model will become ‘a blueprint’ for partnerships in law, accountancy and other professional services sectors.

While John Lewis has become well-known for its shared ownership scheme, so far few other partnerships have followed suit. However, this could be about to change, with accountancy firm Grant Thornton and, most recently, law firm Mishcon de Reya having announced their intention to introduce or consult on introducing similar schemes.