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International Edition

Linklaters accounts reveal £2.5m payout for 2011-12's top earner

Linklaters' highest-paid lawyer for 2011-12 took home £2.5m, an increase of £300,000 on the previous financial year, according to the magic circle's recently filed accounts. The figure, which covers the period from 1 May 2011 to 30 April 2012, is substantially above the top of the firm's lockstep, which, according to the accounts filed with Companies House, is likely to be due to either compensation on secondment to other jurisdictions, or payments associated with joining or retiring from the partnership.
2 minute read

International Edition

Tackling new territory – the court rules on whether LLP members can be 'workers'

Neither case law nor statute had addressed whether or not members of a limited liability partnership (LLP) might have the legal status of 'workers' until the decision of the Court of Appeal in Clyde & Co v Bates van Winkelhof [2012] EWCA Civ 1207. The case also addressed territorial jurisdiction issues as the claimant worked mostly in Tanzania. The law creating LLPs is difficult to interpret. As regards to employment status, section 4(4) of the Limited Liability Partnership Act 2000 provides: "A member of a limited liability partnership shall not be regarded for any purpose as employed by the limited liability partnership unless, if he and the other members were partners in a partnership, he would be regarded for that purpose as employed by the partnership."
5 minute read

International Edition

Macfarlanes 2011-12 top earner takes £1.16m, down from £2.2m last year

Macfarlanes' best-paid partner during 2011-12 took home £1.16m - nearly 50% less than last year's top earner. The figure, included the firm's recently filed 2011-12 accounts, is down 47% on last year's top payout of £2.2m. However, that figure included payments relating to the partner's retirement.
2 minute read

International Edition

White & Case's UK arm sees global costs contribution up 70% to £17.7m

White & Case's London office has significantly increased its annual contribution to the global firm's central running costs, with a 70% hike to £17.7m for the 2011 financial year. The increase comes after the amount the City office paid in to central running costs rose 40% last year to £10.4m. The UK base's contribution to global costs has grown steadily since 2008, when it stood at £4.7m, before rising to £7.4m in 2009.
2 minute read

International Edition

Simmons 2011-12 top earner took home £900k, accounts reveal

Simmons & Simmons' highest earner during the 2011-12 financial year took home around £900,000, a 12.5% increase on last year's top figure of £800,000. The figure is contained within the firm's latest financial report, recently filed with Companies House, which also reveal that the firm is bringing in the roles of managing and senior associate for its Belgium, France, Germany and Italy bases, after introducing the roles in London some years ago.
2 minute read

International Edition

Clifford Chance accounts reveal management team pay hike of 10%

Clifford Chance's (CC) management committee received total remuneration of £19m for the 2011-12 financial year, a 10% increase from the previous year's figure. The figure is contained within the firm's latest limited liability partnership accounts, which show the 16-member board received a total of £17.3m in 2010-11.
2 minute read

International Edition

Salans top earner makes €1.4m in 2011

The highest paid partner at Salans made €1.4m (£1.1m) in 2011 according to limited liability partnership accounts recently filed with Companies House, up from €1.2m (£957,045) the previous calendar year. The accounts show that by the close of 2011 the firm, currently in merger talks with SNR Denton, had 189 partners, up from 175 at the close of 2010. Average staff numbers also increased over the year, rising from 1,384 in 2010 to 1,415, with this increase coming against a drop in staff costs to €70.6m (£56.2m) in 2011, compared with €74.7m in 2010. Around 80% of the staff costs went on wages and salaries, with the rest attributed to social security costs.
2 minute read

International Edition

Proskauer accounts show cost of London expansion drive

Proskauer Rose's London office owed the US partnership a total of £13.7m at the end of its 2011-12 financial year, according to UK limited liability partnership (LLP) accounts recently filed with Companies House. The loan was driven by lateral recruitment, with Proskauer making seven partner hires in London over a 12-month financial period ending on 31 October 2011, as well as its move to new City premises in 10 Bishops Square.
2 minute read

International Edition

Shoosmiths converts to LLP and revamps brand

Shoosmiths has converted to a limited liability partnership (LLP) making it one of the last firms in the UK top 50 to make the change. The national firm became an LLP last week (6 August), coinciding with the end of a 12-month review of the firm's brand and position in the market, which culminated in a brand and website re-launch.
2 minute read

International Edition

Orrick and McDermott see UK revenues dip

The UK arms of Orrick Herrington & Sutcliffe and McDermott Will & Emery have posted decreasing revenues and profits for the 2011 calendar year, according to public accounts filed today (16 July). Orrick's London office posted fee income of £21.1m for the 2011 calendar year, having brought in nearly double that amount during the 18-month period leading up to 31 December 2010.
3 minute read

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