Addleshaw Goddard restarts salary reviews and profit distributions after post-Brexit delay
Addleshaw Goddard restarts salary reviews and profit distributions after post-Brexit delays
October 24, 2016 at 10:17 AM
2 minute read
Addleshaw Goddard is set to restart its salary reviews and partner profit distributions after delaying both in August as a result of the UK's decision to leave the European Union (EU).
Associates and fixed share partners' August salary review will now take place next month, with any increases to take effect from December. All salary increases will be backdated to 1 September this year.
Equity partners will also now start receiving their quarterly profit distributions, which stopped at the same time, with the firm attributing the delays in both to Brexit.
The news was communicated to staff on Friday.
An Addleshaws spokesperson said: "We said we'd have another look at this around the half-year mark when we had a fuller picture, and as a result of improving levels of activity we are sufficiently confident to press ahead."
A number of other firms suspended pay reviews during the summer, blaming volatile trading conditions triggered by the UK's vote to leave the EU.
Other firms to delay pay reviews include BLP, Gowling WLG, Trowers & Hamlins and Bond Dickinson.
Gowling WLG and Trowers have since restarted their pay reviews, while a BLP spokesperson confirmed that the firm was still preparing to review pay in November – four months later than usual – as it had originally informed staff in July.
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