Freshfields' latest LLP accounts also show slow growth in Europe

Freshfields Bruckhaus Deringer's management pay fell by nearly 20% during the most recent financial year, its LLP accounts have revealed.

The group's pay, which includes remuneration for the senior partner, managing partners and heads of the firm's global practice groups, fell substantially from £18.6 million in the previous financial year to £14.9 million last year, the accounts also revealed. The firm did not provide details about whether the group's make up had changed during the year.

The Magic Circle firm saw sluggish revenue growth across its European offices last year, the accounts also revealed. It increased by 1.5%, to hit £1.15 billion – making it the slowest growing region globally for the firm.

Freshfields' Asian arm saw revenues soar by nearly 27% from £124 million to £157 million, however. The firm also posted 7% revenue growth from its U.S. operations.

Overall the firm posted revenue growth of 4.2%, adding £60.8 million to its top line. It also grew its operating profit by nearly 6% to £508.4 million.

The LLP accounts also revealed that the firm spent £1.8 million last year on its office move ahead of its relocation to Bishopsgate in August 2020.

The documents also show its secretarial and support staff shrunk by almost 4% from 2,062 personnel to 1,987. Despite this, staff costs rose by almost 4% to £692.4 million.

During the last financial year, the firm began a review of its modified lockstep model less than a year since its introduction. The move followed a number of high-profile exits from the firm, including private equity partner Adrian Maguire's departure to Kirkland & Ellis.