Freshfields and Linklaters have just posted record-breaking results, with partners earning an average of nearly £1.5m and £1.4m respectively.

Freshfields saw revenue inch up by 1% to £1.232bn, but converted this to a 5% increase in profit to £578m and a 6% increase in profits per equity partner to £1.480m. That means that the average partner pulls in £168 an hour even when they're sleeping. Which presumably isn't allowed if profits like these are to be earned.

    A Freshfields partner yesterday

Linklaters had a similarly spectacular year. Turnover was up 5% to £1.255bn, profits up 6.8% to £557m and profits per equity partner up nearly 6% to £1.391m.

The entire Magic Circle, with the exception of Slaughter and May which doesn't reveal its figures, has now announced its results. Slaughters partners traditionally pull in more than those at any other City firm, although Freshfields must surely be tugging at their coat tails. The cash table stands as follows

  Revenue
2013/14

Revenue 2012/13
Profit 2013/14
Profit 2012/13
PEP 2013/14
PEP 2012/13
Freshfields
 £1,232m  £1,221m  £578m  £546m  £1.48m  £1.4m
Linklaters
 £1,255m  £1,195m  £557m  £522m  £1.39m  £1.31m
Clifford Chance
 £1,359m
 £1,271m
 £459m
 £404m
 £1.14m
 £1.00m
Allen & Overy
 £1,230m
 £1,190m
 £532m
 £497m
 £1.12m
 £1.05m

Both Freshfields and Linklaters put their results down to an improvement in the global economy, and the fact that, unusually, pretty much every department seems to be flat to the boards.
 
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Comments

Anonymous 16 July 14 15:00

For the benefit and comparison of offshore partners, are these pre or post tax numbers ?