Addleshaw Goddard has confirmed that salary reviews for the firm’s associates and fixed share partners will commence next month, with any applicable increases set to take effect by December. The firm opted to place both salary reviews and partner profit distributions on hold in August following Britain’s vote to leave the European Union, citing volatile market conditions and uncertainty in the aftermath of the referendum. Quarterly drawings for equity partners were also ‘deferred’ at the time, but have now been restarted.
‘A fuller picture’
A spokesperson for the firm 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.’ Several other firms, including Owling WLG and Trowers, have also opted to restart their salary review and profit distributions since implementing their own post-Brexit freezes.
Sources: The Lawyer; Legal Week
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