Legal Business Blogs

Stephenson Harwood pays 30% more to highest-earning member, latest accounts show

The highest-paid LLP member at Stephenson Harwood took home £1.3m during the last financial year compared to just over £1m the previous year – an increase of nearly 30% on what was paid in 2013/14.

Recent filings at Companies House for the 2014/15 financial year reveal the highest-earning member at the firm took home more than £300,000 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 accounts largely reflect what the firm reported in June last year, after posting a 20% rise in revenues to £145m for the 2014/15 financial year. At that time, the firm said turnover was boosted by receipts from several multi-year matters, and discounting these payments still saw the firm achieve an underlying growth rate of 16%.

Profits for the year shot up by 40.6% to £61.1m from £43.3m in 2013/14.

The number of lawyers at the firm rose slightly, from 338 in 2013/14 to 369 last year, while the number of support staff decreased by eight to 260. Overall employee headcount grew almost 4% to 629 from 606, while the number of equity members grew from 119 to 123.

Subsequently, employee costs also rose during the last financial year by 11% to £47m with staff salary costs increasing from £38.2m to £42.6m.

Earlier today, it was revealed the highest paid LLP member at Fieldfisher took home £1.24m last year, almost twice as much as last year. Meanwhile in the Magic Circle Linklaters’ highest earner took home £3.2m during the last financial year, a 33% increase on what was paid in in 2013/14.