The firm cancelled pay reviews for all classes of partner and associates last month. It also “deferred” its equity partners’ autumn quarterly drawings in an attempt to show solidarity with the firm’s lower ranks.
The pay freeze came into force just days after it emerged that Addleshaws’ average profit per equity partner (PEP) had risen to £680,000, an increase of 39 per cent on the previous year.
The entire staff will now have individual salary review meetings with their line managers throughout the second half of November.
Addleshaws has pledged that any salary increases will be implemented in December and any changes will be backdated to 1 September when the original increases would have been put in place.
Equity partners will receive their autumn quarterly drawings in December.
An Addleshaws spokesperson said that the decision to restart the salary reviews came after the firm achieved “improved activity since the summer”.
Berwin Leighton Paisner, Trowers & Hamlins and Gowling WLG all froze pay after the result of the EU referendum, which took place on 23 June.
So far only Gowling WLG has reversed its stance and restarted its pay reviews. The original reviews were set to take place a few days after the referendum. At the time chief executive David Fennel said it would not have been “sensible” to review pay without knowing the consequences of Brexit.
Gowling WLG restarted its pay reviews in September and promised that all salaries would be backdated to 1 July.
Brexit has been a major concern for real estate focused firms. Simmons & Simmons is set to make 10 real estate lawyers redundant following the UK’s decision to leave the EU.
