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Linklaters has announced record figures for this financial year, with revenues overtaking a billion for the first time and average profit per equity partner (PEP) rising 21.5 per cent to £1.29m.
Top partners at Linklaters will earn £1.62m, up 22.7 per cent from last year’s figure of £1.32m. First-year full equity partners will earn £647,000.
Linklaters managing partner Tony Angel told The Lawyer: “Over the last three years we’ve tried to focus on complex deals and cross-border work. In fact, 65 per cent of our income involves deals from more than one office now – it was 40 per cent three years ago.”
Statistics released by the firm, which is preparing to convert to a limited liability partnership, show that net profit rocketed by 28.6 per cent to £490m. Of that net profit, £363m was attributed to partners on full equity entitlement, averaging as £1.29m.
Several jurisdictions, such as Germany, operate on reduced equity entitlement where the value of a point is worth 70 per cent of the points in London. The total amount distributed to partners on reduced entitlement was £127m, making an average of £876,000.
Revenues increased at a similar rate across the board, with London’s turnover growth almost matching the firm’s at 18 per cent.
Angel said: “If you look back over three years, our income has risen 57 per cent, net profit has risen 108 per cent and PEP has risen 93 per cent.”