Fieldfisher’s partner pay pot grew by £20m last year – with the highest-paid individual receiving over £7m, the firm’s annual accounts show.

The figures appear in a Companies House filing which documents a bumper 2021/22 trading year for the City practice. Operating profit rose 17% (£21m) to £139.4m on turnover up 13% to £282m in the year to 30 April 2022.

Fieldfisher London office

Fieldfisher London: 'Continued strong cash collections'

Source: Alamy

The firm’s cash balances at year-end were £6.8m higher at £34m, ‘due to continued strong cash collections and reduced operational expenditure’.

Profit for the financial year before members’ remuneration and profit share was £138.4m, up from £118.7m in the previous 12 months. The highest-paid LLP member, who is not identified, received £7,072,000, up from £4,432,000.

Michael Chissick was succeeded as managing partner by Rob Shooter on 1 May 2022.

Unveiling headline figures last July, Shooter hailed a ninth consecutive year of growth in 2021/22, with double-digit increases in turnover for corporate, dispute resolution, and financial markets and products. Standout figures included a 17% increase in revenue across Fieldfisher’s UK offices (London, Manchester and Birmingham, supported by its Belfast Hub).

However, the trading year 2022/23, which ended earlier this week, may not be quite so stellar. In a forward-looking statement, Fieldfisher says profit levels are likely to be ‘more challenging’ following 'salary and inflationary pressures on costs as we return to pre-pandemic operational levels'. In the first 10 months of the year, notwithstanding, the firm 'out-performed its budget expectations', the report adds. 

Fieldfisher has been approached for comment.

 

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