Field Fisher LLPs reveal completed phase-out of salaried partner rank
Field Fisher Waterhouse has completed the phase-out of its salaried partner rank, the firm's recently-filed limited liability partnership (LLP) accounts have revealed. The filings show that Field Fisher's sole remaining salaried partner retired during the 2009-10 financial year.
February 07, 2011 at 10:55 AM
2 minute read
Field Fisher Waterhouse has completed the phase-out of its salaried partner rank, the firm's recently-filed limited liability partnership (LLP) accounts have revealed.
The filings show that Field Fisher's sole remaining salaried partner retired during the 2009-10 financial year. The news comes after the firm announced in 2008 that it was to reduce its ranks of salaried partners by promoting them to fixed-share status, with the process expected to be completed within a three-year timeframe.
As a result of the change in Field Fisher's partnership structure, the firm's fixed-share partnership has increased from 57 to 72. According to the LLP accounts, the number of full equity partners rose from 41 to 45 during 2009-10.
Staff costs at the firm fell from £40m to £36m as a result of reductions in both legal and support staff headcount, with total fee earners falling from 281 to 269 and support staff headcount falling from 289 to 263 – an overall drop of 7%.
The accounts also reveal that Field Fisher's highest-paid partner took home £607,000 in 2009-10, an 11% drop on the equivalent figure last year. During the 2008-09 financial year the highest-paid partner earned just under £679,000. This figure stood at £1.2m during the 2007-08 financial year.
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