Managing partner Sharon WhiteStephenson Harwood's top earner gains double-digit pay boost as Pinsents' makes 5% less
Highest paid partner receives £1.49m as Pinsents' top earner pay drops to just over £800,000
January 31, 2017 at 11:03 AM
3 minute read
Top earner pay at Stephenson Harwood increased by 12% as Pinsents' highest paid partner received 5% less, according to the firms' latest filings with Companies House.
At Stephenson Harwood, the top earner took home £1.49m in 2015-16, up 12% from £1.33m.
The firm also posted another 9% increase in revenue to £159.1m, from £146.2m. Operating profit also rose from £61.7m to £69.6m
The total number of lawyers at the firm rose to 402 from 369, while its number of support staff also rose by 23 – bringing its total to 283. The firm's overall employee headcount rose by 8%, from 752 to 811.
This meant the firm's employee costs rose by £1m to £48m.
Only three members were added to the firm's partnership in 2016, bringing its total to 126.
Meanwhile, Pinsent Masons has more than doubled its cash reserves while its highest paid partner received 5% less in 2015-16 than the previous financial year.
The firm's latest accounts show its cash and cash equivalents more than doubled, from £20m to £45.67m.
The highest paid member took home £810,490 in 2015-2016, compared to £856,293 the previous year. Management compensation rose about 2%, from £5m to £5.1m.
The limited liability partnership accounts also show Pinsents acquired an extra 10% stake in July in technology compliance business Cerico, meaning it now owns 60% of the company. The firm's majority stake is valued at £500,000. Cerico generated turnover of £643,000 in 2015-16, but made a loss of £134,000.
Partner numbers increased from 331 to 349, with equity partners standing at 148. Total fee earner numbers rose from 1,310 to 1,357. Staff costs increased by around £10m, from £155.5m to £166.9m.
The firm's turnover grew by 5%, from £363.6m to £382.8m. Similarly, its profit available for discretionary division among members was also up 5% – from £111.5m to £117.46m.
In 2014-15, Pinsents' turnover climbed 12% to £362m, with profit per equity partner soaring 33% from £403,000 to £538,000
The firm's senior partner Richard Foley attributed the slowdown in growth rate to an increase in investment during the year.
Pinsents has recently boosted its international presence with the hire in December of eight Bowmans lawyers, including two partners – corporate partner Daniella Zussa and construction disputes partner Junaid Banoobhai – ahead of the UK firm's Johannesburg launch this month.
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