DLA Piper's top earner pocketed £1.75m, LLP accounts reveal
DLA Piper International’s highest paid partner – understood to be the firm’s joint chief executive and managing partner Sir Nigel Knowles – received £1.748m in 2011/12, a small increase on 2010/11.
According to DLA Piper International’s LLP accounts – which cover all of the firm’s activities outside of the US – the highest paid partner received £1,747,881 in 2011/12, up from £1,711,000 in 2010/11.
The LLPs also show that turnover in the UK was £287m in 2011/12, down from £290m the year before. However, fee income in Continental Europe was up from £253m to £279m, while the Asia Pacific turnover rose from £61m to £202m. Turnover at the firm’s Middle East group was up from £14.9m to £18.8m.
Overall, turnover – including share of joint ventures – at the international LLP was up from £619.9m to £788.1m. DLA Piper’s global turnover, including the US business, was £1.4bn.
Meanwhile, DLA Piper’s switch to an all-equity partnership on 1 May 2012 led to a £28.144m cash from partners in the international LLP. As The Lawyer reported in July 2012, the move was made to align the firm with the US side of the business, and to “take away artificial barriers to earning” according to Knowles (30 July 2012).
The LLP accounts also detail the firm’s holding in LawVest. DLA Piper UK LLP holds 62,500 £1 ordinary shares in LawVest and during the financial year board members Knowles and Sean Mahon acquired 2,566 and 1,666 £1 ordinary shares each.
Details of the firm’s investment in LawVest were reported in July 2012 (20 July 2012).
Readers' comments (6)
Anon | 4-Feb-2013 1:26 pm
Should have set up a volume PI business in Byker, Newcastle.
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Anonymous | 4-Feb-2013 2:04 pm
@Anonymous 12.29 - Byker doen't offer the same opportunities for globetrotting otherwise Nige would be right in there
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Angel of the North | 4-Feb-2013 3:52 pm
Hope he enjoys spending it all whilst making hundreds redundant.
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taxman | 4-Feb-2013 5:35 pm
Bearing in mind what else has happened and is happenihg in the firm courtesy of Angel, this is sickening.
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Barack Obama | 5-Feb-2013 10:06 am
I wholeheartedly approve in light of Lord Nige's efforts in securing my re-election last year and his incisive commentary on my prospects for a second term.
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Anonymous | 7-Feb-2013 0:21 am
Astonishing. The firm contests gross versus net fir their measly redundancy pay outs whilst paying him that amount of money for doing on the face of it not much other than swanning off overseas.
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