OC top pay figure passes £1m mark as solid growth continues
UK LLP accounts show revenue rising 15%
February 01, 2019 at 06:08 AM
2 minute read
Osborne Clarke's best-paid partner received more than £1m during 2017-18 in a strong year for the firm, which saw UK revenues jump by nearly 15%.
The sum paid to the firm's top earner during the financial year rose 9% on last year to reach £1.01m, passing the £1m mark for the first time in the firm's history.
The firm's accounts – which cover its operations in London, Bristol and Reading – show that UK revenue climbed 15% to £139.4m, while profit before tax also rose by 15% to £61.5m. The UK revenue rise contributed to a firmwide 14% increase, with international revenues reaching €273m (£240m).
The firm saw average UK partner headcount rise by 9% to 128, with total lawyer numbers up 6% to 381.
Managing partner Ray Berg (pictured) – who this month starts his second four-year leadership term – said the firm intends to focus on increasing net profit, but not at the expense of partner numbers. The firm expects to grow total fee-earner headcount to about 500 during the coming years.
Under Berg's tenure, the firm has made a concerted push into the tech arena, with a particular focus on 'smart cities' and fintech, recruiting data analysts in the process.
Berg said: "Our strategy is built on understanding and responding to the needs of our clients and our people. Our results show this approach is working, but we're not complacent.
"Our entire team is tasked with finding ways we can improve our international business through smart investments, new technologies and thinking differently."
During the course of the year, the firm welcomed a number of new partners, including Bird & Bird UK tax chief Mathew Oliver, DWF head of employment Andrew Chamberlain and Squire Patton Boggs employment partner Anna Elliott. It has also taken on new mandates for household names including, among others, Nike and tech firms Uber, Facebook, Go-Pro and Yahoo, for which it works out of both its City and Silicon Valley bases.
This year, the firm has also turned its attention to mental health issues, introducing mental health awareness professionals into its bases with a view to destigmatising the issues.
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