Stock exchange-listed Australian firm Slater & Gordon has unveiled a new employee share scheme available for all UK staff.

The plan was revealed to the Australian stock exchange today and will be presented to shareholders for approval at the forthcoming annual general meeting.

Initial grants for Slater & Gordon shares will be made on a ‘matching offer’ basis, which the firm offering to double any shares bought by staff members up to a limit of £375. The offer is available to all employees in the group including hundreds of lawyers across 18 offices in England and Wales.

Once operational the new scheme would result in around 1m shares being issued to staff members every year.

The firm will also create long-term incentives for up to 60 ‘key’ staff subject to three years’ service, and will offer short-term share rights for those who want to receive shares rather than cash incentives.

The announcement said the new scheme aims to encourage staff retention, improve performance and align employee and shareholder incentives.

It added: ‘The board considers equity participation a fundamental component of an effective executive and employees rewards strategy and believes a refreshed share scheme, which reflects contemporary practice, was warranted to meet the needs of an international and now much larger Slater & Gordon Group.’

The firm has grown rapidly in the UK since it arrived in the UK with the acquisition of Russell Jones & Walker in 2012.

Last month it announced plans for its biggest office anywhere in the world to be situated in Manchester, taking in staff at acquired firms Pannone and Fentons.