Linklaters handed £2.2m profit share to highest-earning partner in 2010-11

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  • meanwhile, there's public sector strike, over a million people are unemployed and everyone else in the legal industry is suffering... All i can say is it's a crazy world!

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  • Do these figures represent the total earnings of this partner? Am I correct to assume that the chap would have been paid bonuses and other benefits on top? If I am correct, how much is he actually taking home in total? Thanks

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  • Bonus on equity profits? Not sure that's how it usually works Bobby!

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  • Thouroughly well deserved. There should be even bigger cuts in public spending so that people like this can pay lower taxes and take an even bigger share of national wealth, they deserve everything they get unlike the feckless scum working in schools and hospitals.

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  • Not only are there no bonuses on equity profits, the need to keep capital in the business, usually means that partners can't take out all the profit. If banks put the squeeze on, then drawings are often massively reduced to reduce borrowings.

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  • We often tend to forget that wealth creation is done by those at the top and not at the bottom of the social ladder. After paying the highest rate of tax to the exchequer and spending a lot of the money in British businesses, I should imagine that society had benefitted rather well. Why is there such a perception that those earning more is not contributing to society?

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  • Thanks for the answers. Just trying to understand how it all works. Would he not get client introduction bonus or something like that? I have only just started and am trying to understand what the max earning potential is.... merci

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  • We often tend to forget that wealth creation is done by those at the top and not at the bottom of the social ladder.
    ====================
    Yes you are so right, salaries and wealth in our society reflect the amount of wealth 'created' by someone.
    A TV newsreader earning £500k creates far more wealth than someone working in R&D at Rolls Royce on £50k. A partner in a law firm helping private equity companies to acquire and asset strip businesses, or helping hedge funds to speculate, creates far more wealth than a worker in a car factory.
    Only the truly stupid or truly self-interested could believe such garbage. Go to the countries of the future, such as South Korea, China and Japan, and you will see that the attitude there is totally different. Real wealth is created through industry and technology and the development of national infrastructure, not by lawyers.

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  • 'took home' is a little misleading given the hefty tax burden in the UK. Let's up and move to HK where your money goes further and taxes re less.

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  • Partners in big law take home millions, less than one is rare, a couple of millions is common and there are a bunch of them on 3 or more. Yet, they earn a fraction of what people of similar seniority earn in the banking and corporate world, actually, lawyers are the poor cousins in the City. If you are after money, you'd better change career. It is easy to judge from the outside, being a lawyer is a tough life, almost like being a doctor, your family life goes down the drain, you don't do this job for the money.

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  • Wealth in China is created through industry. No doubt about that.
    And just how much do they pay those who do the work?
    Pleeeeze. Save me the Milton Friedmanesque plea for capitalism.
    Simple fact in life is that ownership of any business brings rewards because ownership carries risks. I know. I have had those sleepless nights. I can even remember once an associate telling me that associates should get part of the profits - but would they sign up their houses to the bank under the personal guarantees for borrowing by the firm? No way.
    Take no risks, draw a salary, whine and moan. The lot of the working classes.

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  • If this guy had earned the same bugs as his fellow plateau partners, wouldn't this be enough to run a comfortable life? I would fee ashamed towards my fellow partners.

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  • Ah yes, China - Anon - what a wonderful country. No democracy, virtually no human rights, no health and safety (do you know how many Chinese miners are killed every year?).
    It sounds great - why don't you go and try it so the rest of us can get on with our jobs?
    Linklaters is not taking money from the state to pay this guy. They're not robbing your family to pay this guy. He's getting paid for bringing in new clients who themselves are almost certainly from the private sector. Yes, it's a lot of money, but money in and of itself is not something intrinsically evil. If you disagree, please go and give all of your money to the nearest homeless person and go and live in a forest. Oh no, of course, the amount that YOU earn is just right. It's people who earn slightly more than you who are the evil ones.

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  • Greed knows no boundries... no wonder the lefty 60-ies and 70-ies generation that is in power now celebrated the likes of castro, khadaffie, mao and other greedy tryants. There are as greedy and ruthless.

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  • Not in it for the money and I am well aware of the demands of a city career. I have seen many of these articles and I think that they need more context to be relevant to those of us who are not in the loop. No need to lecture me but thank you anyway anon.

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  • Typical left wingers; always after other people's hard earned money.

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  • A firm like Linklaters is lock step meaning every partner has a certain number of points based on seniority. Points increase each year to a plateau (after ten years I believe at Linklaters). No partner actually gets his lock step portion because of additional equity contributitons and other accounting adjustments. A retiring partner will receive more than his profit share based on Linklaters the applicable retirement criteria.

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  • Quote:
    "Partners in big law take home millions, less than one is rare, a couple of millions is common and there are a bunch of them on 3 or more. Yet, they earn a fraction of what people of similar seniority earn in the banking and corporate world, actually, lawyers are the poor cousins in the City. If you are after money, you'd better change career. It is easy to judge from the outside, being a lawyer is a tough life, almost like being a doctor, your family life goes down the drain, you don't do this job for the money."
    Might have been the case once upon a time but with 60%+ stock deferrals, FSA remuneration codes with clawbacks etc it isnt the case anymore. Other than the hedgies, there will be nobody in the banking world in the UK getting anywhere close to 3m in cash this year.

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  • I'm always interested in the risk - reward argument.
    As I see it the large firms aren't really shouldering any risk. Very rarely do law firms go bust. When they do, it's hell getting money back as a creditor.
    It's strikes me as a self serving argument used by those who have got further up the profits tree.

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  • I have to say, I'm with the ones defending this guy on here. Yes, in the current financial climate, such a public large figure is likely to cause resentment, but there are some mitigating factors that people should consider.
    i.e. Re the 'Public sector', who is it that contributes more? Just think of this guy's tax of 50% and hence what he is actually putting back IN to the economy (roughly £1m?). People that have risen to the top of their field through hard work and brains shouldn't be made villains due to the GOVERNMENT's appalling mismanagement of the economy.
    Also, these firms are LLPs, which goes back to the point that they 'own' the business, hence for this partner to have pulled in that figure suggests that he has MORE than contributed back in (and I suspect well over).
    I'm a hard working corporate associate at Freshfields having got to where I am without any 'doors' opened for me, and frankly seem to work 50 hours a week more than majority of my friends from University. Having worked hard all the way through school, then university and at Freshfields, I certainly don't feel resentful for a high flying partner pulling in this figure.

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  • MC associate - Couldn't agree more than what you have said.

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  • The resentment about someone in the City earning money and the comparison to a “teacher” or a “nurse” is now getting far too boring and clichéd.
    Don’t get me wrong – I do believe that public sector workers have very important role in our society and I do applaud them for what they do. That does not mean that a person working in the City and earning this money did not deserve to do so. During my 5 years in the City, I have seen a colleague who had worked so hard that he started coughing blood at his desk (yes literally!); a colleague who spent more than 100 hours at work without any sleep (that is coming in on a Monday morning and leaving the office on the Friday without having a wink of sleep in between); a colleague who collapsed unconscious because of the number of hours she had worked and after she woke up, she immediately started sending emails to ensure that work is not stalled because she was in the hospital; and finally a different colleague who had a nervous break-down. Each of these colleagues were pushing themselves to become a partner at our MC firm. I have no doubt that if you walk down the corridors of other MC firms you will hear similar stories.
    I do not expect any sympathy or support for these colleagues or their style of life or work, but what I do not agree is that these people do not deserve the money they make, merely because they work in the City! These are highly driven individuals, who continue to push limits.

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  • @Anonymous 7.33 am- I agree with everything you've said. Re the publlic sector, there was a great programme on BBC2 last week: "your money and how they spend it"- people like this guy pay probably 60% of what they earn in tax. He is no doubt in the top 1% of earners in this country and that 1% supports practically all of the rest of the country. Its easy in this duscussion to equate anyone who earns £1m+ with bankers (so they must be bad) but it simply isn't true- not all rich people are bankers in fact (nor are all bankers rich, by the way). To be at the top in a firm like Links, this guy has worked his guts out for years and years and has made a massive financial contribution to society just in tax. Iit is surprising, by the way, how many people like this also feel driven to make other contributions, whether charitable or otherwise. He's no hero and you can probably accuse him of derangement for (what I assume is) his lifetsyle, but I don't think you can criticise him too heavily...

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  • MC Associate - wow, your examples were well scary. It is a shame that motivation and ambition push people to their limits and beyond by the sound of it. As to the " I can't believe all these money etc." comments: we are talking of a person that has put in the work and effort to gain high remuneration so why would you criticise him? The target of hatred should be privileges, rewards that are not linked to hard work and wealth production. How many people work for that partner? How much support does his team need? The consequences of being a top performer are multifold. Please point your finger at something else.

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  • @ MC Associate

    Have you ever stopped to consider that you and the people described by Anonymous 7:33 am are actually suffering from mental illness?

    To be so `motivated' by money and what you appear to perceive as `success' demonstrates a sadly deficient and unbalanced personality that is probably trying to compensate for a lack of love and security in your life.

    You must realise that you can never achieve happiness via this route, as whatever you achieve will never be good enough for you. You have to keep re-setting the targets in order to give your life some purpose.


    The big truth you have to learn is that your work is of no real importance. It's just shuffling money around. Someone else can do it, and nobody will remember you when you're gone just for doing this pointless work.

    Why not consider doing something useful, even if it means that you have to stop and reflect on what life is really about. You're obviously intelligent and well-educated, why waste it on such a pointless and empty existence?

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