Addleshaw Goddard has restarted its delayed salary review for all staff, including the annual review of fixed profit share for salaried partners, and the next profit distribution for equity partners. Continue reading “Addleshaws restarts salary review for all staff and pledges to backdate increases”
Addleshaws mulls delaying salary reviews again as divisions told to halve travel costs
Senior management at Addleshaw Goddard is putting further cost-cutting measures in place, with talks to delay staff salary reviews further, while division heads have been told to cut UK travel costs by 50%.
Linklaters latest firm to review remuneration model as US pay pressure mounts
With Magic Circle rivals Clifford Chance, Allen & Overy and Freshfields Bruckhaus Deringer having recently remodelled their remuneration structures following pay pressure from more profitable US firms, Linklaters has plans of its own.
Continue reading “Linklaters latest firm to review remuneration model as US pay pressure mounts”
What goes up: Linklaters to vote next month on new partner pay model
Moore pulls together proposals for flexible model as lockstep set to evolve
With Magic Circle rivals Clifford Chance, Allen & Overy and Freshfields Bruckhaus Deringer having recently remodelled their remuneration structures following pay pressure from more profitable US firms, Linklaters has plans of its own.
Continue reading “What goes up: Linklaters to vote next month on new partner pay model”
Bond Dickinson latest to blame Brexit as firm implements pay freeze
Bond Dickinson is the latest firm to postpone its salary reviews until November, blaming the Brexit vote for hitting activity levels.
Continue reading “Bond Dickinson latest to blame Brexit as firm implements pay freeze”
Back on track: Gowling WLG restarts delayed salary review
Gowling WLG informed staff yesterday (20 September) it will restart the delayed salary review that was put in place as a result of Britain’s vote to leave the EU. Speaking to Legal Business, Gowling WLG’s chief executive David Fennel confirmed that conversations regarding salary with staff will occur over the next couple of weeks.
Continue reading “Back on track: Gowling WLG restarts delayed salary review”
Brexit effect hits home as mid-tier reveals job cuts and pay freezes
Large mid-tier firms in the UK were some of the first to feel the sting of the UK’s decision to leave the European Union, with Berwin Leighton Paisner (BLP), Trowers & Hamlins, Addleshaw Goddard and Gowling WLG all putting their summer salary reviews on hold.
In July, BLP postponed all UK staff pay reviews to November 2016.
The decision came on the back of a sluggish financial performance for 2015/16, with fee income falling 2% to £254m in 2015/16. The firm said in a statement: ‘Following market uncertainties arising out of the recent EU referendum vote, BLP has decided that the responsible and prudent thing to do is to defer making UK salary decisions for a further four months.’
Continue reading “Brexit effect hits home as mid-tier reveals job cuts and pay freezes”
Big Apple takes a bite out of partner profits as Allen & Overy breaks lockstep for US hires
Allen & Overy (A&O) has broken its lockstep for its new Manhattan hires as the firm made a major finance play to compete with the US elite earlier this month. Continue reading “Big Apple takes a bite out of partner profits as Allen & Overy breaks lockstep for US hires”
Ashurst halts profit distributions amid turbulent financial period
Ashurst has halted its upcoming quarterly profit distribution to partners (PEP) following disappointing financial results which saw profits per equity partner drop by 19%. The payment was scheduled for this month (August).
Continue reading “Ashurst halts profit distributions amid turbulent financial period”
Plugging the leak: Ashurst approves lockstep overhaul to retain high performers
Amid a turbulent period of lawyer exits and poor financial performance, Ashurst partners have voted through fundamental changes to its remuneration system in a bid to retain star partners, including a stretching of the lockstep and allocating equity share to salaried partners.
Continue reading “Plugging the leak: Ashurst approves lockstep overhaul to retain high performers”