Linklaters accounts reveal £2.5m payout for 2011-12's top earner
Linklaters' highest-paid lawyer for 2011-12 took home £2.5m, an increase of £300,000 on the previous financial year, according to the magic circle's recently filed accounts. The figure, which covers the period from 1 May 2011 to 30 April 2012, is substantially above the top of the firm's lockstep, which, according to the accounts filed with Companies House, is likely to be due to either compensation on secondment to other jurisdictions, or payments associated with joining or retiring from the partnership.
December 03, 2012 at 09:03 AM
2 minute read
Linklaters' highest-paid lawyer for 2011-12 took home £2.5m, an increase of £300,000 on the previous financial year, according to the magic circle's recently filed accounts.
The figure, which covers the period from 1 May 2011 to 30 April 2012, is substantially above the top of the firm's lockstep, which, according to the accounts filed with Companies House, is likely to be due to either compensation on secondment to other jurisdictions, or payments associated with joining or retiring from the partnership.
The firm this summer reported a 1.5% increase in average profits per equity partner to £1.243m.
The accounts also show that of audited global turnover of £1.204bn, the Americas brought in £87.1m (7%), Asia £141.2m (12%), continental Europe £449.6m (37%) and the UK and Middle East just under half of the firm's revenue at £526.4m (44%).
The Asia total marks a 4.4% increase on last year, with UK and Middle East revenues creeping up by 0.7%. However, the firm saw marginal drops in continental Europe (down 0.3%) and the Americas (down 1.5%).
Senior partner Robert Elliott singled out strong performances in litigation, competition and regulation and said that the firm had "continued to grow organically in developing areas such as Asia".
Other figures contained within the account show that staff costs increased by 4% to £578.8m for 2011-12, with total fee earner numbers increasing by almost 100 to 2,341, although support staff numbers fell from 2,107 to 2,052.
The filings also contain details about how the firm's partnership is remunerated. On becoming equity members, most receive between seven and ten profit sharing units, a number which rises by 1.5 units per year to a maximum of 25, although this may be reduced in certain jurisdictions "by a factor to reflect the local market for legal services".
The accounts also show that the firm aims to ensure that capital levels do not drop below £40m, and is required to secure a majority vote from members if they are called on to contribute more than £20,000 per profit share.
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