Clifford Chance‘s (CC) 12-strong executive leadership group saw an average 7% decrease in pay packets in the last financial year while the firm’s revenue and profit fell, according to accounts filed at Companies House.
The management committee, which was reduced to 12 members in 2014/15 from 16 members in 2013/14 as part of managing partner Matthew Layton’s election manifesto, pocketed £14m compared with £20m the previous year, constituting an average pay of £1.16m in 2014/15 from £1.25m the previous financial year.
Revenue dipped 1% to £1.35bn from £1.359bn while CC’s profit for distribution among members fell 4% from £377m to £363m. The firm also has available undrawn committed borrowing facilities of £150m (£200m in 2014) which expire in August this year.
A geographical breakdown of revenue showed the UK and Continental Europe generated £477m and £469m in revenues respectively, while Asia Pacific brought in £205m, the Americas took £156m and the Middle East constituted £43m. All regional revenues increased except Continental Europe where revenues dropped significantly from £503m in 2014.
The average number of partners fell slightly from 573 to 569 and the number of administrative and support staff rose from 2,714 to 2,774. Total staff figures were up by 2.3% from 6,072 to 6,217.
Last year the Magic Circle firm held a remuneration review following key departures, after which Legal Business revealed CC had voted through proposed changes to its lockstep in late April, creating a more flexible lockstep by stretching the top of the ladder in a bid to retain star partners.
Other law firm accounts revealed today included Stephenson Harwood, which reported its highest-paid LLP member took home £1.3m last year, an increase of nearly 30% on what was paid in 2013/14, while Fieldfisher’s highest-paid LLP member took home £1.24m last year, almost twice as much as last year.