Top earners at Norton Rose Fulbright and Dentons receive double digit pay cuts
Firms accounts show decrease in top earner and management pay
January 31, 2018 at 09:48 AM
3 minute read
Top earners at Norton Rose Fulbright and Dentons have seen their pay drop by double-digit percentage figures for the 2016-17 financial year.
The highest-paid Limited Liability Partnership (LLP) member at Norton Rose Fulbright earned £1.4m, down 13% from £1.6m the year before, according to accounts filed with Companies House.
The LLP accounts cover Norton Rose Fulbright's operations in Europe, the Middle East and Asia.
The key management team saw their combined pay fall 13% from £5.9m to £5.2m.
Fee income in the UK grew during the year from £244.1m to £252.4m. The firm also saw revenue increases in Europe, from £112.5m to £118.3m, however the same figure fell for the rest of the world from £78.3m to £77.9m.
The firm's debt owed in the coming financial year grew from £137.9m to £142.9m.
This came as staff numbers at the firm fell from 2,223 to 2,203, owing to a fall in the number of fee earners – from 1,094 to 1,085 – and a decrease in business services staff from 1,129 to 1,118. Nonetheless staff costs increased from £197.2m to £213.2m, including a 7% increase in wage costs from £177.4m to £189.3m.
Meanwhile, Dentons' top earner saw pay fall 15% in the 2016-17 financial year. The firm's highest paid partner received £1.1m, down from £1.3m.
The management team also received a pay cut, with their combined income dropping 9% from £4.3m to £3.9m.
Staff numbers at the firm increased 3% from 899 to 929. This rise consisted of a small increase in fee earners, from 435 to 484, alongside a reduction in administrative and support staff from 464 to 445.
Total staff costs rose 8% to £84.9m from £78.6m the previous year. This included a 6% hike in staff wages from £54.5m to £57.6m, alongside a 7% rise in general staff costs – including social security costs – from £78.6m to £84.9m.
The average number of LLP members at the firm rose from 124 to 129.
The firm's turnover rose modestly from £169.2mm to £170.3m, alongside a small operating profit increase from £47.2m to £48.2m.
Since the start of the 2017-18 financial year, both Norton Rose Fulbright and Dentons have secured merger deals, with Dentons combining with Scottish firm Maclay Murray & Spens in October last year. The Scottish firm's brand disappeared on completion of the tie-up. Maclays has 62 partners and almost 200 other fee earners.
Norton Rose Fulbright merged with Manhattan-based Chadbourne & Parke in June last year, ending Chadbourne's 115-year run as an independent firm.
The combined firm, which operates internationally as Norton Rose Fulbright, has about 4,000 lawyers in 58 offices and 32 countries, generating up to $2bn in annual revenues.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
EU Parliament Gives Blessing to New EU Competition Chief Ribera Rodríguez
2 minute read
Simpson Thacher Becomes Second Firm to Launch in Luxembourg in 2 Days With A&O Shearman Hires
3 minute read
HSF Hires Trio for Luxembourg Launch, Builds Private Capital Practice
To Thrive in Central and Eastern Europe, Law Firms Need to 'Know the Rules of the Game'
7 minute readTrending Stories
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
