Another wave of City firms has announced significant rises in profits for the last year.
Allen & Overy saw turnover rise 4% to £1.28bn. Profit was up 7% to £570m and profit per equity partner up 8% to £1.21m. Managing Partner Wim Dejonghe told RollOnFriday that it was "an amazing job showing absolute commitment from very good people".
Linklaters' very good people showed an even more absolute commitment: its equity partners are now on £1.42m, up 2% on last year and enough to buy the biggest watch in the playground. But although the profit per partner is higher, turnover (up 1% to £1.27bn) and profit (up 3% to £573m) are broadly commensurate with A&O's figures, so the firm must just be stingier with its equity. Although it will have one more vacancy on the letterhead after Managing Partner Simon Davies announced that he would be stepping down in January - a year early - to join Lloyds Banking Group as chief people, legal and strategy officer. He'll have the longest business card in the group.
Herbert Smith Freehills saw turnover rise by 2% (£815m), profit by 8% (£259.5m) and PEP by an impressive 12% (£801,000). And it's sharing the love: the news was accompanied by an announcement that associate salaries would be rising across the board by up to 10%:
And RPC had a bumper year too, with turnover rising by 12% (94m), profit by 17% (£31m) and PEP by a stonking 20% (£403,000). The FTSE may be all over the place with worries about ISIS, Russia and the Grexit, but it's clearly still a boom market for City lawyers.
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Allen & Overy saw turnover rise 4% to £1.28bn. Profit was up 7% to £570m and profit per equity partner up 8% to £1.21m. Managing Partner Wim Dejonghe told RollOnFriday that it was "an amazing job showing absolute commitment from very good people".
Linklaters' very good people showed an even more absolute commitment: its equity partners are now on £1.42m, up 2% on last year and enough to buy the biggest watch in the playground. But although the profit per partner is higher, turnover (up 1% to £1.27bn) and profit (up 3% to £573m) are broadly commensurate with A&O's figures, so the firm must just be stingier with its equity. Although it will have one more vacancy on the letterhead after Managing Partner Simon Davies announced that he would be stepping down in January - a year early - to join Lloyds Banking Group as chief people, legal and strategy officer. He'll have the longest business card in the group.
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A Linklaters partner yeaterday |
Herbert Smith Freehills saw turnover rise by 2% (£815m), profit by 8% (£259.5m) and PEP by an impressive 12% (£801,000). And it's sharing the love: the news was accompanied by an announcement that associate salaries would be rising across the board by up to 10%:
| Level |
Old Salary (£) |
New salary (£) |
% increase |
| 1st year trainee |
39,500 | 42,000 | 6.3 |
| 2nd year trainee |
44,000 | 46,000 | 4.5 |
| NQ |
65,000 | 69,000 | 6.2 |
| 1PQE |
70,000 | 74,000 | 5.7 |
| 2PQE |
79,000 | 87,000 | 10.1 |
| 3PQE |
89,000 | 96,500 | 8.4 |
| 4PQE |
95,000 | 102,000 | 7.4 |
And RPC had a bumper year too, with turnover rising by 12% (94m), profit by 17% (£31m) and PEP by a stonking 20% (£403,000). The FTSE may be all over the place with worries about ISIS, Russia and the Grexit, but it's clearly still a boom market for City lawyers.
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