Legal Business Blogs

Linklaters pays out a third more to highest-earning member in latest LLP accounts

The highest-paid LLP member at Linklaters took home £3.2m during the last financial year, a 33% increase on what was paid in in 2013/14.

Recent filings at Companies House for the 2014/15 financial year reveal the highest-earning member took home £800,000 more than the £2.4m given to the highest paid member in 2013/14.

This figure in LLP accounts does not necessarily equate to the highest paid equity partner and can relate to ‘golden handshakes’ to retiring members.

The firm’s latest LLP accounts largely reflect what Linklaters reported earlier in the year, with revenue up 1% in the 12 months to 30 April 2015 to £1.26bn. This is £10m more than the £1.25bn reported the year before.

Profits rose by 7% from £376.8m to £402.6m during this period.

The number of lawyers at the firm rose slightly, from 2,325 in 2013/14 to 2,387 last year. Staff numbers, including lawyers were up by 3% to 4,482.

Linklaters senior partner Robert Elliott wrote in the filing that the firm was heavily impacted by currency fluctuations – noting that its turnover was 5% higher than the preceding year on a constant currency basis.

Elliot said: ‘Demand was strong across all our practice and sector groups but, in particular, in 2014-15 the firm has benefited from improved volumes in M&A and continued growth in contentious and non-contentious regulatory work, with dispute resolution and arbitration also being particularly active.’

In July outgoing managing partner Simon Davies told Legal Business while the firm was supplying about 1% of the legal services market there was room to grow.

‘I accept that growth will be at the cost of someone else but that was more true three years ago than it is today. Even though we’re not seeing growth of the same level as we experienced pre-financial crisis there is still growth in the market.’

Last month Linklaters partners voted in Gideon Moore as managing partner to succeed Davies. Banking partner Moore has been handed a four year term.