The highest earning partner at the UK office of US firm Dechert earned £3.8m last year, the firm’s accounts for 2017 show. A report published by Companies House shows significant growth in both profit and turnover at the London office.
Operating profit was £47.8m, up from £33.4m – a rise of 42%. Turnover was £94.6m, up from £76.4m (23%).
Also enjoying a boost in profits was the firm’s ‘key management’ group, who shared £7.8m, a 62% rise on the £4.8m shared in 2016. The document does not say how many members are or were in this group.
The £3.8m for the highest paid partner (a 22% increase on 2016’s figure of £3.1m) is significantly more than other City partners. In January this year the Gazette reported that Allen & Overy’s top dog received £3.5m in 2016/17 while Fieldfisher’s earned ’more than’ £3m.
In August this year, Dechert became one of several firms to boost junior lawyer pay. A newly qualified solicitor at the firm is now paid £110,000.
Camille Abousleiman, chair of Dechert's London management committee, said: 'Dechert's London office has delivered a strong performance, with significant profit growth, despite economic and political uncertainties. We remain optimistic about the capital's prospects and plan to expand our presence here.'