Linklaters has more partners than any other firm in the City earning in excess of £1m a year, exclusive research has revealed. The firm has a stunning 124 partners who pocketed upwards of £1m during the past financial year.
Slaughter and May was the magic circle firm’s closest rival, with 90 partners earning more than £1m a year, followed closely by Allen & Overy (A&O) with 85 partners, or 25 per cent of its equity partnership, residing in the £1m club.
The research conducted by The Lawyer revealed that 392 London-based private practice partners trousered packages of more than £1m for 2005-06. This includes 72 London-based partners at US-headquartered firms.
Slaughters jumps to the top spot if the rankings are based on percentages. A staggering 75 per cent of the firm’s 121 equity partners earned more than £1m in 2005-06 after the average profit per equity partner (PEP) reached £1.12m.
By comparison, only 35 per cent of Linklaters’ 353 equity partners pocketed remuneration packages of more than £1m for the last financial year, after average PEP hit £1.06m.
Other UK-headquartered firms with £1m-plus breadwinners are Berwin Leighton Paisner (one partner), Dickson Minto (two), DLA Piper Rudnick Gray Cary (two), Macfarlanes (four), SJ Berwin (eight) and Travers Smith (four).