Baker McKenzie’s top-paid partner in the UK drew nearly £4.3m last year off the back of a 35% increase in profit before tax, the international firm’s annual report reveals.
The profit attributable to the Baker McKenzie member with the largest entitlement was £4.28m in the year to 30 June 2021, up by 45% from £2.94m the previous year.
Baker McKenzie’s pay for its key management personnel, which comprises its ‘designated members and professional business service directors’, also increased by nearly 50% from £7.89m to £11.8m.
Profit before tax was up from £101.3m to £137.5m, while turnover increased by 10% from £252.3m to £278m. The firm did not provide details of the regions to which turnover is attributable ‘as the members believe that such a disclosure would be seriously prejudicial to the business’.
Baker McKenzie’s annual report also revealed that the firm will pay £10.5m a year under a 15-year lease on its new London office on Bishopsgate after ‘the agreed upon rent-free period’. The lease commences in July and the firm will be moving from its current office in late 2023.
The firm also bolstered its net cash position last year, with cash and cash equivalents at the end of the financial year more than doubling from £2.23m to £5.36m.
Baker McKenzie says in its report: ‘Although Covid-19 continues to have a significant impact on the UK and global economy, from an operational perspective, through the adoption of a flexible working model, Baker & McKenzie LLP has been able to continue delivering services to its clients.’
The firm also said it plans to ‘continue to invest and grow in particular in its existing location and key sectors while retaining appropriate profitability’.
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