Bakers joins £600k PEP club

Baker & McKenzie has broken the £600,000 average profit per equity partner (PEP) figure, with UK net profit rising by 18 per cent to £35.1m.

The firm's unaudited figures for the 2006-07 financial year show that PEP in the firm's UK operation rose by 16 per cent from £518,500 last year to £605,000 this year. Turnover also increased, up by 12 per cent from £99.6m to £112m in London.

According to managing partner Gary Senior, the double-digit growth can be put down to the dedication and quality of the firm's staff as well as strong deal flow from transactional practice groups.

Bakers has also published its revised salary figures with trainees now receiving £36,500. This represents a 15 per cent rise from last year's £31,500 figure.

The pay level for newly qualifieds (NQ) has risen by 15 per cent, from £55,000 to £63,500. This compares favourably with recent announcements, with NQs at Eversheds now on £62,000, while DLA Piper's London NQs are on £63,000.