Clifford Chance accounts reveal management team pay hike of 10%
Clifford Chance's (CC) management committee received total remuneration of £19m for the 2011-12 financial year, a 10% increase from the previous year's figure. The figure is contained within the firm's latest limited liability partnership accounts, which show the 16-member board received a total of £17.3m in 2010-11.
October 04, 2012 at 07:38 AM
2 minute read
Clifford Chance's (CC) management committee received total remuneration of £19m for the 2011-12 financial year, a 10% increase from the previous year's figure.
The figure is contained within the firm's latest limited liability partnership accounts, which show the 16-member board received a total of £17.3m in 2010-11.
The report also reveals that the average partner headcount at the firm increased 3% to 568 in 2011-12, while the number of associates rose 5% to 2,325. Total staff costs increased by 5% from £537.3m to £565.7m.
Profit available for profit share among members rose to £382.5m in 2011-12, up almost 13% from £339.5m in 2010-11.
Audited revenue for the 2011-12 rose 7% to £1.303bn from £1.219bn in the previous year, the same figure as reported by the firm earlier this year.
Geographically, the Asia-Pacific region saw the most significant growth, with a 28% increase on the previous financial year to account for 14% of global revenue. The firm's performance in the region was bolstered by its tie-ups with Australian boutiques Chang Pistilli & Simmons and Cochrane Lishman Carson Luscombe during 2011, as well as solid returns from its bases in China, Hong Kong and Singapore.
Capital net contributions made by partnership members also increased significantly over the year, up from £1.9m in 2010-11 to £8.1m in 2011-12. The firm attributed this in part to a larger number of partners promoted into the equity over the year as well as a substantial number of senior lateral hires made during the period.
The report also showed that the firm repaid a £2.2m bank overdraft in during the year, with cash at the bank and in hand now standing at £120m, up from the 2010-11 figure of £66.8m.
Separately, the accounts note that the closure of its defined benefit pension scheme came into effect from the end of the 2010-11 financial year, stating: "The scheme was closed to future accrual with effect from 30 April 2011, having been closed to members since 2005."
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