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27 July 2009 | By Kit Chellel
23 February 2009
7 February 2013
13 June 2011
18 February 2008
17 July 2012
DLA Piper chief executive Sir Nigel Knowles has taken a paycut of £100,000 following a challenging calendar year for the world’s largest firm by headcount.
As the firm’s sole plateau partner, Knowles has been hit by a fall in the top of equity figure.
DLA Piper’s equity spread is now £325,000-£1.5m, down from £350,000-£1.6m for the last calendar year.
The majority of partners, however, have seen a rise in income, with average profit per equity partner in the UK and international practices up by just under 1 per cent to £645,000.
The firm’s revenue for the calendar year was up by 16.2 per cent to £584m.
Knowles said the figures represented a “solid performance during what has been an extremely challenging year”.
Anonymous | 28-Jul-2009 12:55 pm
I'm not convinced DLA is a market-leader of anything, nor an exceptional law practice. It appears to want to be Bakers, before Bakers upped the quality. Expansion has put DLA on the map, but I think we all know that for the most part it is a massive, mediocre and pretty mean practice...
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Anonymous | 28-Jul-2009 1:42 pm
I am not sure other partners would agree the chief works twice as hard as them...DLA P's profit margin doesn't read as well as its gross fee income. In addition, how much does the US contribute bearing in mind the US and EMEA entities do not share in the same profit pool?However, Knowles has done a good job when you look back to where DLA P used to be.
laughable | 28-Jul-2009 1:49 pm
this is absolutely laughable - DLA now employ people apparently within their organisation to write such drivvel in support of what is a horrific practice which is falling apart at the seams. DLA seems to think that big is best but it's lost its ethos and its way with its own staff.
Anonymous | 28-Jul-2009 9:15 pm
Can't we just all get along? No? Fine - on with the white-collar mudsligging. Urgh (noise I make as I sling my...mud).
Anonymous | 29-Jul-2009 9:13 am
The associate who has been employed during the boom suddenly realises that life isn't one big party, that times do get tough and you have to be up for it. So they reach for the blanket. Good luck on finding a new firm - when the economy improves. In fact why don't you find a new firm now given that its so bad, alternatively your mum will have you back. Our "Generation Y" is starting to wake up.
herbert | 31-Jul-2009 1:01 am
This news is shocking. I think the Law Society's to blame. Just think what life might be like if we hadn't surrendered the conveyancing monopoly in the mid 80's, because to be perfectly frank it's all gone downhill from there. Commoditisation, Tesco law and the devaluation of legal services. Where will it stop, and how will Sir Nigel and others like hime survive? if you've got an answer, tell me. I need somewhere to invest my savings.
Anonymous | 3-Aug-2009 4:44 pm
what a larf.....
impartial observer | 5-Aug-2009 1:08 pm
If you bought some shares in large corporation and got a large dividend, then no one would think that to be unfair. Because DLA is an LLP the shareholders are in effect the members. A large element of the remuneration package is akin to a dividend if the company were a Plc or limited company, that is its an unearned return on the capital investment which the LLP members have made. The owners of the company provide employment and (well paid) jobs for solicitors and others. Capitalism is not slavery - it gives you the safety net that if you don't want to work for someone else, then you can take a risk and either go self employed or set up your own firm. Law is very well adapted for this since the start up costs are minimal - the cost of a PC or laptop, a filing cabinet a phone and the first week's office rent - less than £1,000 in all. Alternatively you can get a bank loan or use credit cards or a re mortgage to buy an exisitng up and running law practice as a retitrement sale.Why don't more qualified solicitors set up their own firms and give DLA some competition? If you get it right, you can be picking up a £1.5m remuneration each year (although admittedly it will take some time to build the firm up to sufficient size for that kind of payout).
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