Top pay at Freshfields jumps 68% on flat profits

Topics: Law firm & practice management,City

  • Print
  • Share
  • Comments (4)
  • Save

Related images

  • Freshfields

Magic circle firm Freshfields has revealed that the remuneration of its highest-paid member jumped 68% to £3.2m last year, as profits remained largely flat.

Freshfields’ accounts for the year ending 30 April 2015 showed that profits before tax increased just 0.1%, from £514.8m in 2014 to £515.4m. But while profits were more or less unchanged, pay for the highest remunerated member shot up to £3.2m in 2015, from £1.9m the year before.

Advertisement

The firm’s managing partner is David Aitman. He has held the position since January 2014.

Meanwhile the total salary paid to staff fell to £460.6m from £466.1m the year before, despite the average number of people employed during the year rising to 4,759 from 4,621. Overall staff costs increased from £547.7m to £562.7m.

Profits available for discretionary division amongst members fell 13% to £481.3m, equating to £1.4m when divided by the firm’s 334 members. This compares with £552.1m, averaging out at £1.7m across the 334 members in 2014.

The firm sounded a cautious note about current economic conditions, which it said may hit demand for its services in the short term. It also warned that liquidity pressure on its clients and suppliers could have an adverse impact.

Readers' comments (4)

  • Top pay jumps 68%, and profits flat, but the PBI, of whom there are more apparently, have to settle for less. There is something sick about that. One such person is alleged to have said "If they can't afford bread let them eat cake", and came to a sticky end as a result.

    Unsuitable or offensive? Report this comment

  • Just like FTSE where exec pay has gone up something like 400% in the last few years even though profits haven't. Snouts in the trough and the self-selected oligarchy clearing a gap between them and us plebs (qua Andrew Mitchell).

    Unsuitable or offensive? Report this comment


  • No doubt we will shortly see as a diversionary tactic some wonderful diversity initiative from Freshfields, hiring some trendy apparatchik, at fairly modest cost, to bring in more inner-city yoofs to their fold...

    But won't it look good splashed across the legal press? Won't the great and the good fawn all over them about what a wonderful social conscience they've got?

    Just remember LSG that it's easy to set up such fig-leaf schemes when you are each trousering home £1.5M each year...

    Unsuitable or offensive? Report this comment

  • The government will be rubbing their hands together thinking of the levy !!

    Unsuitable or offensive? Report this comment

Have your say

You must sign in to make a comment

  • Print
  • Share
  • Comments (4)
  • Save

Advertisement

Sign up for email news alerts

Daily Update. Keep abreast of the latest developments that affect the profession

PRACTICES FOR SALE, MERGERS, ACQUISITION & ASSOCIATION

SELLING? MERGING? VALUING? Acquiring? Free information from 01494 483728. raymondafox@aim.com www.BottomLineConsultancy.com or www.SolicitorSupermarket.biz

WOULD YOU LIKE TO HAVE your own successful and expanding commercial law practice? Owners of firm on the border of London and Kent are planning to retire next year and are looking for experienced commercial lawyers to join existing high quality team to acquire equity and ensure smooth transition. Opportunities for expansion and development not limited to current location. Box Number M23/01

Browse the magazine

Current Issue

The Gazette offers you up-to-the-minute national and international news, opinion, features, in-depth articles plus a jobs and appointments section.

Please click the link below for a digital edition