(Bloomberg) -- As the war for talent rages on, one of the few listed UK law firms says it has a potential answer -- giving its junior lawyers shares in the company. 

“One of the benefits of being listed is that we’re able to spread ownership far wider,” DWF Group plc’s Chief Executive Officer Nigel Knowles said Thursday in an interview. “We can give share options, share awards, including even to trainees who qualified last September.”

City firms are struggling to recruit and hold onto young lawyers after the Covid-19 pandemic rocked the labor market. A newly qualified lawyer at a top London firm can now expect to earn over £100,000-a-year ($119,600), while trainees are set to get extra cash payouts to help offset the rising cost of living.

But big paychecks are just a “sticking plaster,” as firms grapple to attract and retain junior staff, Knowles said. The firm’s leaders “do not want them to work in a sweatshop and do not want them to get burnt out and want them to have a satisfying and sustainable career with us.”

The remarks come as DWF reported a 3.6% increase in net revenue to £350 million for the financial year. Net revenue excludes recoverable expenses, the firm said. 

London’s so-called Magic Circle firms are in the middle of announcing earnings. Clifford Chance reported on Tuesday that full-time equity partners will receive an average of £2.04 million for the year ended April 2022. Other members of the elite group have yet to announce their financial results.

DWF is one of a handful of listed law firms in the UK. Mishcon de Reya LLP was also pursuing a listing until the firm halted plans on an initial public offering earlier this year.

(Updates with detail on listed law firms in final paragraph.)

©2022 Bloomberg L.P.