BLP accounts reveal rising pay for senior management team despite profits dip
Pay for key management rises 4% despite PEP dip as US merger outcome remains unclear
January 04, 2018 at 06:52 AM
2 minute read
Berwin Leighton Paisner's (BLP's) senior management team were paid more than £13m during 2016-17, a 4% increase on the previous year, according to the firm's latest limited liability partnership (LLP) accounts.
The total remuneration for the firm's key management personnel – which includes managing partner Lisa Mayhew, senior partner Neville Eisenberg and chairman Robert MacGregor, among others – rose to £13.2m, up from £12.7m in 2015-16.
This increase came despite an 8% fall in profit per equity partner, announced last summer, from £683,000 to £630,000. The LLP accounts show that total profit before members' remuneration fell 7% from £74.2m to £69.1m.
The accounts reveal that pay for the firm's top earner also decreased, with the figure falling 7% from £1.5m in 2015-16 to £1.4m.
Total staff costs rose 11% from £107m to £119m as the average number of legal staff grew from 639 to 713, while average support staff figures increased by 60 to 658. The increase in staff numbers saw total wages and salary costs jump 9% from £92m to £100.6m.
According to the accounts, BLP reduced its holdings in flexi-lawyering spin-off LOD from 64% to 62.36% during the year, while paying out £534,000 in salaries to the business.
The accounts also state that the firm now has £24.8m in bank loans falling due within one year, meaning total creditors amounts due within one year has risen 53% from £42.6m to £65.2m. The accounts also reference an "inducement received to enter a property lease" that contributes to the firm's creditors balance.
BLP is currently in advanced talks over a merger with US firm Bryan Cave, a deal that could create a 1,500-lawyer firm with combined revenues of about £730m and 32 offices in 12 countries around the world.
It had been thought that a vote on the deal could take place before the end of 2017, with some partners predicting a go-live date of 1 January, although the firms have so far declined to confirm details of any vote or timeline for the talks.
Deloitte is advising BLP and Bryan Cave on the proposed structure of the combined firm, with BCLP touted as a potential name.
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