Legal Business Blogs

Twice as nice: Fieldfisher doubles pay to highest earning member, LLP accounts reveal

The highest-paid LLP member at Fieldfisher took home £1.24m last year, almost twice as much as last year, following back-to-back years of strong revenue growth for the firm.

The biggest earner at Fieldfisher trousered £1.24m in 2014/15, according to the firm’s latest filings at Companies House, a £618,000 rise on the previous year. In 2013/14, the highest earner at Fieldfisher took home £620,000. The figures in the LLP accounts do not necessarily equate to the highest paid equity partner and can relate to ‘golden handshakes’ to retiring members.

Rising pay at the tech-focused firm follows two years of increasing revenue and profitability. Turnover for the year ending 30 April 2015 rose by 12% to £113.9m. Profits rose by 40% to hit £42.6m that year.

The firm witnessed growth on most key indicators and total staff headcount grew as a result, rising 5% to 559 people. Lawyer headcount grew to 286. However, net debt at the end of 2014/15 was up by £1.5m to £11.7m.

Since Michael Chissick took up the managing partner post in February 2013 the firm has improved its income in tech, real estate and international arbitration work.

In November last year Fieldfisher announced it had banked £58.4m for the first six months of the 2015/16 financial year, an 8% rise on the previous year. On track to surpass record revenues generated last year, Chissick said at the time that ‘we’re busy so there is optimism that we will have a decent second half’ but noted that ‘growth only matters if we’re outperforming our competitors’.