Withers' and Travers' top earners see hike as firms grow headcount
Both firms increase staff numbers as profit for distribution among members rises
April 15, 2015 at 06:31 AM
2 minute read
The highest paid member of Withers' UK partnership took home £565,000 last year, a 15% increase on the previous year.
The firm's top earner for the 12 months to 1 July 2014 landed £71,000 more than in the previous year, when the highest paid member took home £494,000, according to Withers' latest accounts filed at Companies House.
The LLP, which covers the firm's operations in the UK, Hong Kong, Singapore, Italy and Switzerland, also reported that it had cut staff costs despite an increase in its average number of staff.
Staff costs fell to £31.9m last year, down from £32.7m the previous year.
At the same time the average number of 'client service' and administration staff increased to 471, up from 463. The firm added two new members, bringing the total to 78.
Withers reported a rise in revenue to £84.7m, up from £80.4m, while profit available for division among members shot up to £19.6m, up from £15m.
Meanwhile, Travers Smith's highest paid partner took home £1.3m last year according to its accounts.
The accounts show that the figure is up by 9% from £1.2m last year, alongside an increased average member headcount of 65.
Total average staff numbers also increased to 442 from 415 the year before, with staff costs rising to £32.4m.
Overall profit for distribution among members rose by 5% to £43.2m from £41m, while operating profit increased by 12% to £47.2m.
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