Women not as successful at acquiring pay rises

A new study has revealed that women are less likely to secure a pay rise than men, despite asking their managers as frequently for a wage increase.

It has long been suggested by some parties that women are not paid as much, or the same as men, because they are not willing to ask for a pay rise.

However, research conducted by the Cass Business School, Warwick University and the University of Wisconsin in America has dispelled this myth with its new findings.

Their study of 4,600 workers compared the earnings of full-time males with full-time females, and part-time males with part-time females and found that men were 25 per cent more likely to get a pay rise when they asked.

The research also concluded there was no evidence for the idea that women were reluctant to ask for a salary increase because they were more wary of damaging relationships with their managers, or deviating from ‘typical’ perceived stereotypes.

The data for the study came from the Australian workplace relations survey, which is thought to be the only national study to systematically record whether employees have asked for a pay rise.

Andrew Oswald, professor of economics and behavioural science at the University of Warwick, said: “The fact that women don’t ask for pay rises as often as men is a popular theory. It’s a very common thing for women to say and believe, but all of the evidence is anecdotal, so it’s very hard scientifically to do a proper test of this.”

He believes one possibility was that men who failed to get a pay rise kept their failure to themselves, whereas women “were more straightforward and tell their friends”.

“Having seen these findings, I think we have to accept that there is some element of pure discrimination against women,” Prof. Oswald added.

“It could be that Australia is odd. But it’s a modern industrial economy halfway in character between Britain and the US, so I think that’s unlikely.”

The study also found that both women and men under 40 were asking for and receiving pay rises at the same rate, which the researchers said could mean that negotiating behaviour had started to change.

Dr Amanda Goodall from Cass Business School added: “The study potentially has an upside. Young women today are negotiating their pay and conditions more successfully than older females, and perhaps that will continue as they become more senior.”

Link: Cass Study

Finchley-based law firm expands with trio of new appointments

Finchley-based OGR Stock Denton LLP is expanding, with the appointment of three new staff.

Leidy Gomez joins the firm as a Solicitor, Suja Sukumaran joins as Paralegal in the Private Client Department, while Lauren Gaines is beginning her training contract, having previously worked as a Paralegal in the firm’s Private Client Department.

The three new appointments represent an expansion for the firm and come ahead of its forthcoming move to larger offices.

Richard Denton, Managing Partner for OGR Stock Denton said: “We’re delighted to welcome Leidy and Suja to the team and Lauren to her new role. They bring with them a variety of experience and our clients are sure to value their input.

“Leidy, Suja and Lauren take up their new roles at an exciting time as we make the move to new offices, enabling us to deliver first-rate services to even more clients.”

Firms find a marvellous way to mix

The partners at OGR Stock Denton were delighted to welcome members of the team from Glazers Chartered Accountants to a cocktail-making workshop earlier this week.

The event took place at Tintico Coffee, Finchley, on Wednesday evening, with teams set the task of mixing two drinks following a demonstration by one of the experts.

It was a great night for staff from both firms, who enjoy a close working relationship and enjoyed the chance to “mix” away from work.

There was also a competition to determine the best cocktail, which was won by OGR Stock Denton’s Richard Denton, Sonia Chadni and Darren Specterman from Glazers.

Richard Denton, Managing Partner for OGR Stock Denton said of the event ‘It couldn’t have gone any better and was a great way to develop our working relationship with Glazers. The feedback was overwhelmingly positive and everyone had a great time.

‘We very much value the relationship we’ve built with Glazers over the years and we look forward to continuing working with them in the future.’

Individuals should be mindful of Inheritance Tax reliefs

The rising value of house prices in the UK means that an ever growing number of people are finding that their estates are liable to Inheritance Tax (IHT). A recent study revealed that the amount of revenue that IHT generates now stands at £4.72billion (up from £2.47billion in 2010).

With this in mind, it is important that individuals are aware of the various tax reliefs which may limit their estate’s liability, not least those which relates to losses on the sale of assets.

If any investments or land which are included in an estate are subsequently sold for less than their probate value, then their personal representatives may be able to claim relief.

The relief works by enabling the personal representative to substitute the sale price for the probate value and to claim a refund on the difference.

It is important to bear in mind that the system for relief operates differently depending on whether the losses incurred relate to the sale of land or quoted shares.

For the relief to apply, shares must be sold within one year of the date of death and the land within four years.

Before applying for either relief, it is important to have done the necessary calculations to ensure that it is the best course of action.

For further information about Inheritance Tax (IHT) or should you need any advice please contact Geoff Dennis, Senior Associate in our Private Client team on 020 8349 0321 or by email.

Goals galore for OGR Stock Denton LLP

A team from OGR Stock Denton LLP is celebrating after scoring a total of 13 goals in a charity five-a-side football tournament with property solicitor, Ben Menahem leading the charge as the firm’s top goal scorer.

The tournament was hosted by Brasier Freeth in aid of Small Steps, a charity that helps children with disabilities and their families.

The OGR Stock Denton LLP team won three of their four matches on the day, winning 2-1 against Lambert Smith, losing 4-2 against Rayner Essex and winning 3-2 against the favourites, Aitchison Rafferty, who had won all of their games up to that point. The game against Aitchison Rafferty came down to a tense final few seconds, with Dov Katzel hitting a belter into the roof of the net with just 30 seconds left on the clock

With a win needed from their last group game, Ali Kabani, the firm’s Marketing and Business Development Manager, scored a hat-trick, with the team coming back from 2-0 down after four minutes to win 6-5 against a team from HSBC to go through to the semi-final.

Unfortunately, the team had to forfeit the semi-final as some had to leave, so we’ll never know what could have been.

To find out more about Small Steps, please visit:www.smallsteps.org.uk