Salans top earner makes €1.4m in 2011
The highest paid partner at Salans made €1.4m (£1.1m) in 2011 according to limited liability partnership accounts recently filed with Companies House, up from €1.2m (£957,045) the previous calendar year. The accounts show that by the close of 2011 the firm, currently in merger talks with SNR Denton, had 189 partners, up from 175 at the close of 2010. Average staff numbers also increased over the year, rising from 1,384 in 2010 to 1,415, with this increase coming against a drop in staff costs to €70.6m (£56.2m) in 2011, compared with €74.7m in 2010. Around 80% of the staff costs went on wages and salaries, with the rest attributed to social security costs.
September 24, 2012 at 10:55 AM
2 minute read
The highest paid partner at Salans made €1.4m (£1.1m) in 2011 according to limited liability partnership accounts recently filed with Companies House, up from €1.2m (£957,045) the previous calendar year.
The accounts show that by the close of 2011 the firm, currently in merger talks with SNR Denton, had 189 partners, up from 175 at the close of 2010.
Average staff numbers also increased over the year, rising from 1,384 in 2010 to 1,415, with this increase coming against a drop in staff costs to €70.6m (£56.2m) in 2011, compared with €74.7m in 2010. Around 80% of the staff costs went on wages and salaries, with the rest attributed to social security costs.
The accounts also show that Salans saw profit jump 22% to reach €62.5m (£49.8m) in 2011.
Profits before members' remuneration rose to €62.5m (£49.8m) from €51.4m (£40.9m) in 2010 according to the LLP accounts, whereas the firm, which operates to a calendar year, initially reported a drop in profits to €41.9m (£34.9m).
Audited turnover at the firm is higher in the LLP accounts than the previously reported figure of €206.3m (£165m), hitting €216.4m (£172.3m) in 2011, a 4% increase on the equivalent figure of €208m (£165.6m) in 2010.
The accounts do not include the costs involved with the firm's Hong Kong office closure, although the report notes that: "On 13th April 2012, effective from 31st December 2011, Salans LLP disposed of the Hong Kong office".
The firm also sold off its Bromley and Thetford mortgage and debt processing branches to Solex Legal Services in 2010. The cost of closing the Bromley arm totalled €3.3m (£2.6m).
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