Exclusive: Two more firms blame Brexit as they freeze pay
04 August 2016
and Gowling WLG
have both frozen pay, blaming Brexit.
This week Addleshaw Goddard staff learned that their August salary reviews were being postponed until the autumn. Like BLP
, the firm pointed the finger at the vote to leave the EU
. A spokesman told RollOnFriday, "like many other businesses in the UK we have seen Brexit have an
impact on activity levels in the short period since the Referendum
". A peed-off inside source told RollOnFriday that the decision comes "despite a large increase in PEP over the last year
", when profit per equity partner jumped a huge 39% from £491,000 to £682,000.
However, Addleshaws is also deferring its annual review of fixed profit share for salaried partners. And it is also postponing the next profit distribution, which relates to last year's profits, for equity partners. So partners are, for now, in the same boat*. A spokesman said the firm "didn't feel it right
" to shower equity partners in record amounts of money "when we were asking staff and fixed share partners to wait for their reviews
". He said staff bonuses relating to last year's "strong performance
" would still be paid out in September
Gowling WLG has also frozen pay, with an inside source grumbling that the money "is horrific as it is
". When quizzed by ROF, a spokeswoman confirmed that it was delaying salary reviews until the autumn. Or at least, that's what RollOnFriday divined from her response, which accentuates the positive so much it should have come tinted rose and festooned in smileys:
Gowling, BLP and and AG won't be the last. RollOnFriday hears that plenty more firms are instituting a Brexit freeze. If your shop is one of them, write in.
*albeit in the posh bit with Billy Zane, not dancing with the Irish in steerage**
**not that AG is the Titanic