Corporate firm Addleshaw Goddard has deferred a pay review and equity partner drawings in the wake of June’s Brexit vote.
But staff and fixed-share partners will get a bonus based on last year’s sharp rise in profits, the firm confirmed in a statement today.
The firm said: 'Like many other businesses in the UK we have seen Brexit have an impact on activity levels in the short period since the referendum.
'As a consequence we have decided to defer decisions on staff salary reviews and partner remuneration (usually scheduled for August) until early Autumn, when we will have clarity on anticipated improvements in activity. Regardless of the impact of Brexit we will, as planned, be paying bonuses to staff in September for last year’s strong performance.’
Last month Addleshaws, which has offices in Leeds, London and Manchester, posted a 20% jump in net profits for 2015/16, but has warned that sales growth this year will be a ‘challenge’ in the Brexit environment.
The rise pushed distributable net profit to £71m for the year ended 30 April, with provisional fee income rising 5% to £202m.
Meanwhile, Gowling WLG has responded to speculation that it too is freezing pay. The firm said in a statement that bonus payments for 2015/16 were paid as usual in the July payroll and that it has gone ahead with all planned summer promotions.
The 2016 salary review will also proceed, confirming individual salaries in the autumn with rises backdated to 1 July.