The Lawyer Africa Elite 2014 features an in-depth look at 46 leading independent firms’ strategies in 15 key sub-Saharan jurisdictions, as well as the views of in-house counsel from some of Africa’s largest companies... 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.
BAE Systems' retired legal chief Michael Lester has built up a pension worth more than £5m, paying out £250,000 a year, according to the company's annual report.
BAE's annual report also revealed that Lester picked up a bonus of £556,000, which along with a base salary of £568,000 brought his total annual earnings to more than £1m.
In 2006 Lester received an overall pay rise of £51,000. His salary increased by £28,000 and his bonus by £27,000. The increase was offset by a lower level of benefits, which fell to £27,000 from £31,000.
This contrasts with the £62,000 pay cut that hit legal chief David Lillycrop at BAE competitor Smiths Group.
Lillycrop earned a total of £799,000 in 2005 compared with a package worth £737,000 in 2006.
Similarly to Lester, Lillycrop's earnings were split evenly between a base salary and his bonus.
Lillycrop was the second-lowest earner on Smiths' five-man board, with only chairman Donald Brydon receiving less, with £280,000.
In contrast, Lester was the third-highest earner on BAE's seven-member board.
Lester retired at the end of last year to be replaced by Philip Bramwell, who joined from O2.