Osborne Clarke's first ever LLPs show top earner taking £913,000 as operating profit rises 22%
OC files first limited liability partnership accounts since conversion last year
October 25, 2016 at 11:55 AM
2 minute read
Osborne Clarke (OC) has filed its first ever limited liability partnership (LLP) accounts, revealing that the firm's highest paid member for the 2015-16 financial year took home £913,000.
The figure is 22% up on 2014-15, when the best paid member received £748,000.
The accounts are the first the firm has produced after converting to an LLP on 1 November last year. They cover OC's UK partnership, which is financially separate to its Swiss verein partnerships around the world.
The filing shows the average number of members at the firm increased 9% from 103 to 112 during the financial year, with client service staff, direct support staff and admin staff headcount rising 12% from 565 to 631. As a result, total payroll costs rose by 14.4% from £33m to £37.8m
Operating profit grew by 22% to £49.8m in 2015-16, while audited revenues for the financial year were 17% up to £114.7m, a small increase on the £112.9m figure the firm reported this May.
The firm has been expansive in recent years, bringing its Hong Kong alliance partner Koh Vass & Co into its international verein last September and striking an association with a firm in Singapore in August.
Continued European expansion is also on the agenda, with the firm looking at Poland as a possible next step, according to partners.
This May, the firm posted a 23% rise in global revenues for 2015-16 to reach €236.3m (£208m), up from €195m (£140m) the previous year. The firm does not report a global profit per equity partner figure, but posted £635,000 for the UK partnership.
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