The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Only two solicitors on the boards of FTSE100 companies have earned more than £1m in salaries and bonuses, not including share entitlements, according to annual reports.
BAE Systems group legal director Michael Lester and Man Group deputy chief executive Peter Clark, a former solicitor, were the two legal industry figures to make more than £1m last year.
BHP Billiton chief legal counsel John Fast made more than $1m (£571,000), as the company pays in US dollars, but on conversion his cash package reaches £720,000.
The general counsel at aerospace company Smiths, David Lillycrop is also a board member. He was paid a base salary of £332,000, with £65,000 in benefits, for 2005. His bonus was £402,000, giving him a total package of £799,000. Lillycrop also has an accrued pension entitlement of £129,000 and has 77,754 ordinary shares in the company.
Lester and Lillycrop are the only two chief legal officers to hold board positions in the FTSE100.
BHP's Fast is not a board member, but the company publishes the remuner- ation details for all of its senior management team.
Their annual salaries pale in comparison to the one-off windfalls made by general counsels Lynton Boardman of QinetiQ, the UK defence research agency, who made an immediate windfall of £310,000 and had his stock options valued at £1.8m, and PartyGaming's David Abdoo, who pocketed £1.97m after selling 1.7-million shares.
BAE's Lester's total salary for 2005 was £1.1m, including a base salary of £540,000 and a bonus of £529,000. The company raised his base salary for 2006 to £567,500 at its annual general meeting.
Man Group's Clark, a solicitor who moved into management, had a total pay package of £3.9m with a base salary of £342,000 and a bonus of £3.6m.