Gateley LLPs shed light on Halliwells acquisition as top pay figure falls 50%
Gateley's highest-paid partner took home £379,728 in 2010-11, less than half the £802,177 pay packet of the previous year's top earner, according to the firm's English limited liability partnership (LLP) accounts. A spokesperson said the substantial drop was due to two "significant deals" led by one partner that completed before the end of 2009-10, which the firm described as "an exceptional and stand-out year for business".
February 09, 2012 at 08:10 AM
3 minute read
Gateley's highest-paid partner took home £379,728 in 2010-11, less than half the £802,177 pay packet of the previous year's top earner, according to the firm's English limited liability partnership (LLP) accounts.
A spokesperson said the substantial drop was due to two "significant deals" led by one partner that completed before the end of 2009-10, which the firm described as "an exceptional and stand-out year for business".
The figure is contained within the firm's latest LLP filing, which covers its activities in England. Gateley, which rebranded from its former identity of HBJ Gateley Wareing in May last year, operates a separate LLP for Scotland, where it is known as HBJ Gateley.
Average profit per equity partner (PEP) for the English LLP stood at £152,760, significantly less than firmwide figure reported last year of £240,000, which included the earnings of equity partners in both the English and Scottish LLP.
The firm also cited its June 2010 acquisition of Halliwells' Manchester commercial practice as a contributing factor to the low PEP figure. The deal saw the ex-Halliwells partners join a specially created LLP – Gateley Manchester LLP – part-way through the year, meaning PEP was averaged out over 12 months rather than the nine months it actually represented.
In total, the Halliwells acquisition cost the firm £10.6m. Gateley said it is "working towards" merging the Gateley Manchester LLP with Gateley LLP, but is as yet unable to confirm a date.
The accounts also show that equity partner headcount rose by 30 to 83, of which 18 joined as part of the firm's Halliwells acquisition. Total legal staff numbers climbed by almost 100 to 250, with 44 extra support staff taking the total number of employees to 527.
Total turnover for the firm's combined England and Scotland operations was £63m, up 23% on 2009-10 – an increase principally driven by the Halliwells deal, with the English LLP contributing a total of £43.2m.
Elsewhere, Dundas & Wilson's recently-filed LLP accounts, which cover the firm's activities in both the UK and Scotland, show the firm's highest-paid member took home £732,125, up from £552,861 in 2010.
Partner headcount dropped by three to 81, with an extra 17 fee earners and 18 fewer support staff taking total employee headcount to 508.
The accounts confirm the previously reported turnover figure of £61.9m for 2010-11. The UK arm of the business saw turnover rise £1.7m to £24.3m, while in Scotland turnover dipped by £800,000 to £37.6m.
The 82-partner firm recently opened a new Aberdeen office, which will be led by senior corporate partners Douglas Crawford and David Davidson.
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