Kennedys accounts highlight rapid expansion as equity ranks grow 30%
Kennedys saw staff wages and salaries rise 18% during 2010-11 after substantial expansion which saw the firm add 15 equity partners and boost staff count by almost 100. The figures, included in accounts recently filed on Companies House, show the number of equity partners at the firm increased 30% from 50 to 65 in 2010-11, with the payout for the highest earner subsequently falling 22% to £541,739 from the previous year's top figure of £696,981.
April 13, 2012 at 08:59 AM
2 minute read
Kennedys saw staff wages and salaries rise 18% during 2010-11 after substantial expansion which saw the firm add 15 equity partners and boost staff count by almost 100.
The figures, included in accounts recently filed on Companies House, show the number of equity partners at the firm increased 30% from 50 to 65 in 2010-11, with the payout for the highest earner subsequently falling 22% to £541,739 from the previous year's top figure of £696,981.
Meanwhile, total staff count at the firm grew from 611 to 709 during the year, with fee earner headcount rising by 42 and support staff numbers up 56.
The growth came against an increase in turnover of 11% to £94.3m in 2010-11, up from £84.8m, with the firm's audited turnover figure coming in almost 3% lower than the £96.8m figure reported last year.
Broken down by geography, UK turnover increased 8% to £72.4m, up from £66.8m in 2009-10, while the insurance firm's Continental European turnover came in at £5.9m, up almost 60% from £3.7m.
The firm merged with its Portuguese alliance partner Almeida & Athayde in March last year, gifting it five Lisbon-based lawyers, while it also tied up with its Dublin associate office O'Hare O'Connor Walshe in June.
The firm's other overseas offices, which include Hong Kong and Singapore, contributed £15.3m to global revenues, a 14% increase on the previous year, with the performance coming after the firm launched in Miami in October 2010.
Profit available for distribution among partners fell from £21.1m in 2009-10 to £17.9m in 2010-11.
The news comes after Kennedys posted a double-digit increase in turnover for the third consecutive year in 2010-11 after entering the UK top 50 for the first time in 2009. The firm's senior partner Nick Thomas (pictured) was also re-elected for his fourth term at the helm following an uncontested election at the close of last year.
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