Bird & Bird LLP accounts reveal 20% hike in management pay as half-year revenue grows 6.4%
The firm's management team was paid out €5.5m in the last financial year
January 30, 2018 at 05:42 AM
3 minute read
Bird & Bird's eight-strong management team received a 20% pay boost in 2016-17, the firm's limited liability partnership (LLP) accounts have revealed.
The firm, which reports its financial results in euros, paid its management committee €5.5m (£4.85m) during the year ended 30 April 2017, up from €4.6m (£4m) the previous year.
Bird & Bird has also announced its half-year results for the six months to 31 October 2017, stating that turnover rose by 6.4% to €177m (£156m). Profit before tax also grew 6.8% to €52m (£46m).
Meanwhile, the 2016-16 LLP results reveal that the firm's highest paid member took home 13% more in pay than the year previously – €1.08m (£953,000), up from €962,000 (£848,000).
The firm had revenue of €361m (£318m) in 2016-17, up 5% from the previous year's total of €343.8m (£302m). Profit before members' remuneration also increased by 9% to €103.5m (£91m).
Staff costs at the firm increased slightly from €159m (£140m) to €162m (£142m), while its average number of staff members grew from 974 to 995.
The accounts also revealed that Bird & Bird Services Limited, the holding company for the LLP's employees, spent £352,000 buying back its intellectual property and trademarks from Aves Brands, an IP consultancy that the firm launched in 2013.
The firm launched the spin-off in 2013 and reacquired it from Aves Enterprises in the summer of 2016.
Bird & Bird chief executive David Kerr (pictured top) told Legal Week: "All of our practices and geographies performed well over the year. Our offering is quite global so we don't think we were as impacted by Brexit as firms with bigger UK bases. There was a slight dip in corporate work immediately after the Brexit vote, but the pound falling in value offset that."
Kerr added: "We're on track to continue the growth we've seen during that half-year period. We will see the benefits of the substantial growth we've had across the world."
In November, Bird & Bird entered an agreement with Chinese firm AllBright Law Offices that will see the Chinese firm open an office at Bird & Bird's premises at 12 New Fetter Lane. It is expected to open in March.
AllBright posted revenue of $272.5m (£205.7m) in 2016, placing the firm in fifth place in The American Lawyer's China top 40. Its firmwide lawyer count that year was 1,661.
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