Top executives at magic circle firm Freshfields Bruckhaus Deringer shared £18.1m in the last financial year, an 8% increase on the previous 12 months. The joint remuneration of the senior partner, managing partners and global practice group heads is disclosed in newly filed group accounts for the year to 30 April 2016.
The accounts also disclose a sharp fall in statutory profit before tax, which fell to £393.1m from £514m in the previous 12 months. Profit available for division among members was down to £361.7m from £480.3m in 2015.
However, bottom-line profit was bumped up by a £138.6m provision reflecting a change in the present value of the future obligation of the firm to provide retirement annuities to partners out of future profits. In consequence, profit before partner annuities came in at £500.3m, compared with £505.3 in 2014/15.
Last July Freshfields disclosed a £43m rise in net income for 2015/16 to £617m, with profit per equity partner up £104,000 to £1.473m.