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Linklaters LLPs show profits up 5% as board members share £20m

Linklaters top board members received almost £20m in profits for the 2015/16 financial year, according to the firm’s latest LLP filings.

The 12 members of the Magic Circle firm’s executive committee, and senior partner and chair of the partnership board Charlie Jacobs, shared a total of £19.6m, up 4% on 2014/15 when the board shared £18.9m.

Overall the firm posted an increase to its operating profits by 5%, up to £438.2m for the 2015/16 financial year from £418.5m the year before. The firm restated its previous profits of £402.6m, having changed to fulfil the European Union’s International Financial Reporting Standards.

Turnover increased to more than £1.3bn, with significant increases for the firm in the UK. Turnover from the firm’s London office was up to £628.5m from £596.6m, up by 5%.

The firm’s European offices contributed £444.8m, down slightly on the year before, while growth for its offices in the US remained slow with turnover at the firm £60.2m, up only slightly from £59.5m in 2014/15.

In Asia-Pacific, the firm saw solid growth with turnover up 6% to £158.3m from £148.8m, while in the Middle East revenues fell slightly to £13.5m for 2015/16 from £13.8m.

The average number of partners at the firm rose to 303 for the financial year, compared to 287 in 2015.

Linklaters enjoyed a solid financial year in figures reported this summer. Profit per equity partner hit a new high of £1.4m and the firm surpassed the £1.29bn turnover it achieved in 2007/08.

This year has seen managing partner Gideon Moore take up his role in January, with the firm holding elections for its senior partner position. An election held earlier this year was won by Jacobs, beating new corporate head Aedamar Comiskey and veteran corporate partner Jean-Pierre Blumberg.

Writing in the LLP filing, Jacobs (pictured) said: ‘The firm achieved another strong financial result, with a 3% increase in turnover reported. At constant currency rates income is 5% higher than last year.

He added: ‘The firm has seen strong growth and activity in our M&A, projects, dispute resolution and arbitration, TMT, IP and financial regulation group teams. From a sector perspective we have seen strong activity in consumer, energy and utilities and private equity.’

Read more: ‘Rain men – goodbye Harvard Kool-Aid, hello plain speaking at Linklaters’ c-suite’