Ashurst’s management took home £8m in 2016/17, 18% less than the previous year, according to the firm’s recently published LLP accounts.
The City firm’s turnover saw an 12% boost to £541m from £505m the previous year, showing a recovery after two consecutive years of decline following its merger with Australian firm Blake Dawson in 2013. Continue reading “LLP latest: Ashurst management pay drops 18% amid turnover recovery”
A standout performance in Europe helped Herbert Smith Freehills (HSF) boost global revenues by 11% in 2016/17, according to the firm’s latest filings with Companies House, although increased overhead saw operating profit barely move.
Global revenues rose from £832.2m to £920.8m, with the firm claiming that its EMEA region ‘generated exceptional revenue growth’. The accounts cited in particular ‘excellent performances in Paris, Moscow and Madrid’ as well as a robust showing from its Asia practices. Mark Rigotti (pictured), chief executive of HSF, commented: ‘It is very encouraging to see another year of growth as our brand continues to strengthen across markets and regions.’ Continue reading “LLP accounts: HSF records ‘exceptional’ revenue growth in Europe as profit holds steady”
The latest round of LLP accounts show profit, management pay and remuneration for the highest earning member all fell at Taylor Wessing, while Pinsent Masons delivered strong growth across the board, pushing its top earner past the £1m mark.
Taylor Wessing’s accounts for the year to 30 April 2017 show that despite a small 2% increase in turnover to £129.3m, profit available for division among LLP members fell to $46.9m from $49.9m. Similarly, the sum awarded to the highest-paid member dropped 11% to £1,039,000 in the same period while pay for key management personnel fell to $5.8m from $6.1m.
Costs rose 6% to £81.6m over the period, offsetting the increase to turnover, and included an increase in staff costs to £45.9m from $44.3m. The number of members rose to 102 from 100, while fee earners increased by four to 292. The firm’s cash pile also fell 36% to £12.3m.
Meanwhile, Pinsent Mason’s first international LLP accounts since its overarching entity was created on 1 June 2016 show the highest-paid member took home 34% more last year, as turnover and profit both improved. Management also got a pay bump following what senior partner Richard Foley described a year of ‘sustained profitability, coupled with strategic investment into our business’.
Turnover at the firm rose 11% to £423.1m, helping profit rise to £134.9m from £117.5m despite an 9% increase in costs. Of the $287.2m in costs over the period, £182.9m related to staff, up 10%, and included a £14.6m increase to salaries over the year. The firm’s cash position also strengthened by nearly 42%, to £64.8m.
The accounts show the highest remuneration of a member was £1,086,951, up from £810,490, while pay for key management personnel rose 16% to £5.95m. The number of fee earners at the firm rose slightly to 1,368 from 1,357, while the total number of members – including equity and non-equity – rose to 357 from 349.
In a report accompanying the accounts, Pinsent Masons said Brexit has ‘increased uncertainty’ for the LLP, but that potential opportunities and risks are being considered and evaluated, which members believe the firm is well equipped to deal with.
Foley said highlights for the year included new offices in Düsseldorf and Johannesburg, as well as taking a minority stake in legal resourcing business Yuzu. ‘Since then we have continued to take steps to grow our business in-line with our vision to be recognised as international market leader in the global sectors in which we operate, as evidenced through further office openings in Madrid, Dublin and Perth.’
Hamish.mcnicol@legalbusiness.co.uk
Operating profits at Norton Rose Fulbright’s (NRF) Eurasian business fell 7.5% to £115.8m in the year to 30 April 2017, the firm’s latest LLP accounts have revealed.
The fall in profits for this segment of the business, which includes the legacy Norton Rose operations, came despite a 3% rise in turnover from £444.3m to £457.9m. Continue reading “LLP latest: profits fall at Norton Rose Fulbright as Dentons’ top earner sees pay cut”
LLP accounts show Addleshaw Goddard’s top earner took a 30% pay cut as both profit and income fell in a year when Brexit affected transaction levels in the first half before a recovery after September.
However, the firm insists it is performing well and growing on an underlying basis, both domestically and internationally, as it invests in new teams and infrastructure and looks to pick up on an encouraging start to this year. Continue reading “LLP accounts: Addleshaw Goddard boasts ‘underlying’ growth as top-earner takes a haircut”
Profits at all three CMS Cameron McKenna Nabarro Olswang legacy firms fell in the last financial year before their three-way union went live, LLP accounts for each firm reveal.
As the first evidence of the 2016/17 financial performance for Nabarro and Olswang in particular -which did not release their financials in the summer – the accounts also show revenue at Olswang plummeted 14% from £116.47m to £99.96m. The top line was marginally up 1% at Nabarro to £131.14m and up 4% to £273.2m at CMS Cameron McKenna. Continue reading “LLP latest: Olswang profit fell 76% before 2017 CMS merger as legacy firms’ final accounts revealed”
The management team at Freshfields Bruckhaus Deringer took home £19.1m for the 2016/17 financial year, according to latest LLP accounts filed with Companies House.
This combined remuneration for the Magic Circle firm’s senior partner, managing partners and heads of global practice groups is a 6% increase on the previous year’s £18.1m package. Continue reading “LLP accounts: Freshfields management team takes home £19.1m amid overall profit uptick”
While top 20 LB100 firms Bird & Bird and Clyde & Co both boosted their operating profit in the 2016/17 financial year, LLP accounts show that Bird & Bird also saw its debt grow while Clyde & Co’s rising partner numbers contributed to management and highest-paid member numbers barely increasing.
Bird & Bird’s LLP accounts showed pre-tax profit rose 9% to €103.5m in the year to April 2017 and the highest-paid member brought home €1.08m, up from last year’s €962,000. Turnover was also up 5% to €360.7m. Continue reading “LLP round-up: Bird & Bird debt soars as rising partner count freezes top pay at Clyde & Co”
The dramatic impact of currency markets during the 2016/17 period has significantly bolstered another law firm’s LLP accounts, with the latest beneficiary, DLA Piper International, adding £75.5m to its top line on the back of exchange rate movements last year.
This currency boost accounted for 69% of the international (non-US) revenue improvement for the year ending 30 April 2017, which was up £109.3m to £876.8m. Helped in no small part by this, profit rose to £304.4m from £260.8m, even as operating costs soared 13% to £568.6m – of which £45.9m of the £65.8m increase was again attributed to currency changes. Continue reading “‘Enormous’ £75.5m currency boost flatters DLA Piper LLP accounts”
With the tie-up between Eversheds and Sutherland Asbill & Brennan almost a year old, the latest accounts for the non-US business reveal its c-suite took a £1.7m pay cut for the 2016/17 financial year, as the limited liability partnership (LLP) filing also reveals average remuneration per member rebounded slightly from the previous year’s drop. Meanwhile, staff costs for the legacy Eversheds business have continued to increase with double-digit percentage growth.
The firm’s key management team saw remuneration fall 22% to £6m in the 2016/17 financial year, according to the latest Eversheds Sutherland International accounts. The share of profit and salaries awarded to its chief executive, managing partner and members of the executive committee was £7.7m the previous financial year. Continue reading “LLP accounts: Executive belts tightened at Eversheds Sutherland International as profit lifts 5%”
