Allen & Overy‘s (A&O) senior partner and managing partner, global practice heads and support directors took home £1.1m more in the financial year ending 30 April 2015 than the year before, the Magic Circle firm’s latest LLP filings show.
The share of the profits and salaries awarded to these key management personnel over the last financial year saw them together pocket £12.7m, up from £11.6m the previous year.
The filing shows revenues at the Magic Circle firm are in line with figures reported in June last year, which saw A&O move ahead of most of its peer group firms with revenues growing 3.8% to £1.28bn from £1.23bn the previous year. In the 2013/14 financial year, revenues rose 1.8% at the firm. The firm said its litigation practice in particular performed strongly.
Profit before taxation for the financial year stood at £570m, up 7% from £532m, while profit per equity partner (PEP) grew 8% from £1.12m to £1.21m.
The average number of partners at the firm was more or less flat with just one more partner joining in 2014/15, taking the total up to 527. The average number of full partners was down by four to 440.
At A&O full partners receive 20 profit sharing points rising by two points every year to a maximum of 50. In 2014/15, the profit distribution ranged from £712,000 for a partner with 20 profit sharing points to £1.78m for a partner with 50 points, compared to £669,000 and £1.67m respectively the year before. The highest paid partner at A&O took home £2.89m compared to £2.1m in 2013/14.
Employee costs increased by £9m, boosted by a £20k pay hike A&O awarded its associates in July last year as it folded its bonuses into salary bands.
Staff bonuses across the group increased 21.6% to £38m, while other staff costs were also incurred after the firm opened new offices in Barcelona, Toronto and Johannesburg and added 46 new staff members by the financial year-end.
A&O’s current c-suite is set for major change this year as the firm is holding management elections next month. The firm has confirmed eight candidates for the upcoming election which takes place to find replacements for current senior partner David Morley and global managing partner Wim Dejonghe.