Bennett & Philp managing director Lance Pollard said he has already seen significant improvements in his employees since implementing the initiatives earlier this year.

“We wanted to upskill our employees better in topics like superannuation, budgeting, investing and insurances to help them understand their own situation and managing their finances in a way that alleviates financial stress,” Mr Pollard said.

It comes after Meritas published a report that revealed a high prevalence of depression and anxiety in small and medium-sized law firms. It said a positive workplace culture was among the most important factors for influencing help-seeking behaviour.

The report found more than three quarters of lawyers said they would join a discussion or seek initiatives around wellbeing if their firm made it accessible to them.

Mr Pollard said this was a motivating factor behind the initiative. He said the firm’s staff has access to LawCare, a free counselling service to talk about mental health issues. The firm is also with Minds Count, a not for profit aimed at decreasing ill mental health.

The firm is already starting to see results: “It’s no secret that employees who have had reduced stress in their personal life are happier and more productive at work as well. It reduces their overall stress which bodes well for them and us as a firm.”

Mr Pollard added more companies should be investing in wellbeing initiatives for staff and he was surprised about the lack of awareness about workplace wellbeing.

“I’m surprised programs like these aren’t more common,” Mr Pollard said. “The more we invest in our people, the more likely they are to achieve job satisfaction and higher levels of productivity, both of which drive higher levels of retention.”

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