Bond Dickinson has become the latest firm to put pay reviews for staff on hold due to the negative impact that Britain’s decision to leave the European Union has had on client activity. Berwin Leighton Paisner was the first firm to implement the freeze, followed by Trowers & Hamlins, Addleshaw Goddard and Gowling WLG after the referendum results came through, although Gowling announced this week that it would begin to restart its own reviews.
Bond Dickinson’s managing partner, Jonathan Blair has confirmed in an email to staff this week that the firm will not be commencing its annual salary reviews until November at the earliest, due to a “dip in activity levels”. It is believed that the firm has decided that the salary review process should only be revisited after market trends and client activity for the rest of the financial year are clearer. Blair further commented, “I am less confident about what the marketplace is doing. I think it is going to be a very tough year for the sector.” During the 2015/16 financial year, both the firm’s revenue and profit per equity partner dropped by 3 per cent from the previous year, denoting that this pay freeze is the firm’s attempt of weathering the Brexit storm