LLP accounts: Pension costs hurt CC profits as A&O leadership sees pay increases

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LLP accounts: Pension costs hurt CC profits as A&O leadership sees pay increases

Operating profit at Clifford Chance (CC) UK LLP fell 5% to £260m in the year to 30 April 2019 amid rising pension costs while management at City rival Allen & Overy (A&O) saw a 8% pay rise to £16m, the two firms’ recently published accounts have revealed.

The fall in profits at CC’s LLP – which includes its UK headquarters and eight of its overseas branches – came despite a 4% global revenue increase to £1.693bn as the firm added £70m to its top line. Continue reading “LLP accounts: Pension costs hurt CC profits as A&O leadership sees pay increases”

Weil’s City office sees 23% profit hike as top-earning partner takes home £1.7m

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Weil’s City office sees 23% profit hike as top-earning partner takes home £1.7m

The City office of Weil, Gotshal & Manges increased revenue 15% from £126.1m to top £144.8m during 2018, the firm’s recent LLP accounts show.

Operating profit surged 23% to reach £70m as the partner profit pool increased 27% from £51.8m to hit £66m in the 2018 financial year. The City office’s top-earning partner took home £1.72m on the back of the profit increase, a 41% increase on the previous year. Continue reading “Weil’s City office sees 23% profit hike as top-earning partner takes home £1.7m”

LLP accounts: Executive belts tightened at Eversheds Sutherland International as profit lifts 5%

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LLP accounts: Executive belts tightened at Eversheds Sutherland International as profit lifts 5%

 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%”

A&O awash with cash as £48m forex boost offsets soaring staff costs

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A&O awash with cash as £48m forex boost offsets soaring staff costs

With Allen & Overy (A&O) comfortably leading its peer group in the 2016/17 reporting season, the release of its full accounts was always going to look rosy. As it is, the City giant’s limited liability partnership (LLP) filing demonstrates just how good business has been for its c-suite, partners, staff and the tax man with forex movements further supporting robust underlying growth.

Key beneficiaries include A&O’s management team, which saw a collective remuneration hike of 16% to £15.8m, according to its LLP filings. The Magic Circle law firm’s senior partner, managing partner, global practice heads and support directors’ combined earnings for 2016/17 compare with £13.6m for the previous financial year. Continue reading “A&O awash with cash as £48m forex boost offsets soaring staff costs”

Rich rewards on offer – Fieldfisher accounts show top earnings soar over £2m as profits surge

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Rich rewards on offer – Fieldfisher accounts show top earnings soar over £2m as profits surge

It has become established in recent years as one of the most potent performers in the UK top 50 but recent accounts illustrate just how much that means for a select few partners at Fieldfisher. Most strikingly, on the back of a year of substantial financial and geographic growth, Fieldfisher’s top-earning partner took home over £2m for the period, a 70% increase on the previous figure.

According to the filings with Companies House, Fieldfisher’s highest-paid partner earned £2.03m for the 2016/17 financial year, a £837,000 increase on the previous year’s tally of £1.19m. Continue reading “Rich rewards on offer – Fieldfisher accounts show top earnings soar over £2m as profits surge”

LLP latest: Dentons European and African business turns over £169m as top-earning member pockets 60% more

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Dentons‘ UK, Middle East and Africa business has seen turnover increase 7% to £169m for the financial year ending 2015/16, up from £157m the previous year, according to the firm’s LLP accounts. Continue reading “LLP latest: Dentons European and African business turns over £169m as top-earning member pockets 60% more”

LLP latest: Camerons unveils £11m profits dip ahead of merger while Mayer Brown sees City member profits fall

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CMS Cameron McKenna has seen turnover increase but profitability fall for its offices under the UK LLP, according to the firm’s latest filings with Companies House.

Continue reading “LLP latest: Camerons unveils £11m profits dip ahead of merger while Mayer Brown sees City member profits fall”