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Exclusive: BLP blames Brexit as it freezes pay
08 July 2016
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Berwin Leighton Paisner has frozen pay for UK staff, blaming market uncertainty created by the Brexit vote.

RollOnFriday can reveal that BLP told its UK staff this week that the vote to leave the European Union has resulted in increased financial insecurity, as a result of which it has cancelled pay rises planned for this month. BLP Managing partner Lisa Mayhew emailed staff to break the news that "after much thought and consideration", the firm has decided that the "responsible and prudent thing to do" is to defer salary reviews for four months. She blamed the "political and financial uncertainty" following the referendum result.

Here's the full email, which you will probably receive from your own Managing Partner some time in the next couple of weeks if your firm didn't complete its salary reviews before 23 June:

     

Expect others to follow suit. As revealed by a RollOnFriday straw poll, law firm leaders overwhelmingly expected a vote for Remain, and predicted a drop-off in work in the event of a Brexit victory.

Managing Partners before the vote:
 
 
 After:
 

However, staff at firms which increased pay before Britain stood up to faceless eurocrats/signed its own death warrant may be no better off in the long term. If work does diminish, increased pressure on payrolls may lead to back-pedalling on raises and redundancies. Meanwhile, staff at those firms who are using Brexit to justify freezes will be keeping a beady eye on the financials to check that times really are as tough as the partners tightening the purse strings have predicted.

A spokesman for BLP confirmed the four month deferral, telling RollOnFriday that employees' bonuses for the prior financial year "will be paid", and that "successfully meeting and anticipating our clients' needs at this time remains the critical focus for BLP".
 

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anonymous user
08/07/2016 08:13
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Any excuse.
anonymous user
08/07/2016 08:32
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Cheers ROF. You've probably just made it ok for every other firm that was thinking about doing this to do the same. Lemmings off the cliff..
anonymous user
08/07/2016 08:47
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"Any excuse."

Not been keeping up with the news lately?
anonymous user
08/07/2016 10:15
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I agree with anonymous 08:32. Taylor Wessing decided not to freeze salaries, and it would be good to know which other firms did the same.
anonymous user
08/07/2016 22:01
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It's a privilege to work in a law firm. Stop complaining and be grateful you are paid at all to live your Boston Legal dream.
anonymous user
09/07/2016 14:08
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CMS' new managing partner's message to staff was similar though there was an overall 3.5% increase in salary spend but that is not a 3.5% increase to everyone. It was still read as far from positive despite his best efforts.

missx
10/07/2016 05:47
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I am fed up hearing all the excuses to justify poor salary rises and pathetic bonuses when the profits per partner continue to increase. I bought in an extra 90k last year and got a 2.5% pay rise and a £2,500 bonus.