Baker McKenzie UK Top Pay Surges To £3.4M
The firm's U.K. turnover and profits also increased by double digit percentages during the year ending in June 2019.
July 09, 2020 at 08:25 AM
2 minute read
Baker McKenzie has increased its turnover and profits in the year ending in June 2019.
Baker McKenzie's highest earner took home £3.4 million in the year ending in June 2019, the firm's limited liability partnership (LLP) accounts have revealed.
The figure is £1.1 million higher than the amount the previous year's highest earner received.
Pay for the LLP's key management team also jumped, from £8.9 million to £9.4 million.
The pay-outs are part of wider financial growth at the U.K. arm of the global firm during the 2018-19 financial year.
The LLP's turnover hit £238.2 million, an increase of 10% from £216.3 million the previous year, while its operating profits jumped by over 13% to £103.2 million.
The firm undertook a global review of its business services teams during the financial year, which led to international cuts, including 46 in London.
As a result, redundancy costs at the firm nearly doubled from £438,000 to £841,000 during the period, the LLP filing reveals.
The filing acknowledges the recent coronavirus disruption that has occurred after the financial year these results refer to. It states that post June 2019, "serious macro-economic pressures occurred as a result of the COVID-19 pandemic" but this was considered a "non-adjusting post balance sheet event" which did not lead to any adjustments in the financial statements. The filing adds: "At this stage, it is not possible to quantify the impacts the pandemic will have."
The coronavirus pandemic has led the firm to cut its newly-qualified lawyers' pay and sign-on bonuses in June. But the firm's global promotions round still went ahead despite disruption caused by the virus, with 85 new partners added to the co-hort.
Read More:
Baker McKenzie Appoints Global Race and Ethnicity Task Force, Set to Review Recruitment Policies
Baker McKenzie Offers Reduced Working Week and Sabbaticals In London
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