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.
Freshfields Bruckhaus Deringer slashed its support staff headcount by more than 10 per cent across its global practice during the 2009-10 financial year.
Secretarial and support staff numbers at the magic circle firm fell from 2,307 in 2008-09 to 2,062 last year according to LLP counts filed with Companies House.
Average staff numbers fell by just under 9 per cent over the same period, from 4,901 to 4,466, while the figure for fee-earners dropped from 2,594 to 2,780 - a decline of 7 per cent.
Despite the cuts, staff costs over the year increased slightly, from £481m to £487m.
The accounts also show an operating profit of £370.9m, down 28 per cent from the £514.2m posted during 2008-09. Profit available for division among members fell from £523.2m to £264.7m over the same period, although the dip is partly explained by a £103m pension provision for partners.
The accounts further reveal that Freshfields’ highest-earning partner took home £2.7m last year, compared with £3.3m in 2008-09.
Average partner profits at the firm in 2009-10 were £1.406m, slightly down from £1.443m the previous year.