Bond Dickinson restarts pay reviews after post-Brexit delay
Bond Dickinson latest firm to restart salary reviews after post-Brexit suspension
November 17, 2016 at 05:26 AM
2 minute read
Bond Dickinson has restarted its salary reviews after suspending the process in September.
At the time, the firm blamed market volatility following the Brexit vote for the decision to postpone pay reviews, but said the decision would be revisited in November.
In a statement, the firm said: "Further to our decision to defer our salary review process, the board has reviewed our position and we are pleased to confirm that we will be proceeding with our salary review. All increases will be backdated to 1 November 2016, which was the effective date of the original review before we deferred it."
Bond Dickinson's 2015-16 financial results showed a 3% fall in revenue from £107m to £104m, while profit per equity partner also fell 3% from £284,000 to £275,000.
Speaking at the time, the firm's managing partner, Jonathan Blair, ascribed the results to Brexit anxiety and an overcrowded market with "too many lawyers and law firms".
A number of other firms have delayed salary reviews or partner drawings in the past few months, with many citing post-Brexit market uncertainty.
Berwin Leighton Paisner, Addleshaw Goddard, Trowers & Hamlins and Gowling WLG all postponed salary reviews, but all have since confirmed that these processes have restarted.
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