Herbert Smith Freehills’ global executive committee saw a 17.5 per cent drop in remuneration last year, from £9.4m to £8m, the firm’s audited accounts reveal.
This follows a decrease in audited revenue for the firm’s global business from £796.9m to £793.4m, down 0.4 per cent.
However the firm’s highest paid member saw a 20 per cent increase in pay last year up to £1.8m.
Global net profit remained stable at £223.5m, a slight increase on £223.3m the previous year.
Net debt was reduced by £8.4m last year thanks in part to a refinancing of the firm’s debt facility as it moved to a global facility using a syndicate of nine international banks.
The accounts are the second since HSF became a fully merged firm following the merger between Herbert Smith and Australia’s Freehills in 2012.
Meanwhile, HSF’s UK arm saw a sharp decline in profit last year from £142.6m to £131.9m, a decrease of 7.5 per cent, despite a growth in revenue.
Its UK arm turned over £396.2m last year, a 2 per cent increase on 2013/14.
HSF increased its number of panel appointments from 25 to 140 in the last financial year, joining the legal panels of Royal Mail, EDF and Travis Perkins.
The firm also saw a 40 per cent increase in the value of its M&A deals and advised on a number of high-profile infrastructure projects such as the development of HS2 and a number of rail network developments in Australia.
In legal services, the firm has made significant headway this year, launching its global alternative legal services offering from Belfast in June and rolling out project managers across its sector groups and jurisdictions worldwide this summer.