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.
The Law Society reported a £6.4m loss for 2004, it emerged today as the solicitors’ body published its annual accounts.
The society’s income – from practising certificate fees, investments, and other sources – totalled £86.6m, up nearly £11m from 2003. But expenditure rose by a massive 24.5 per cent from £74.7m to £93m in 2004, creating the deficit.
Among the expenditure accounting for the rise was a £6.3m increase in wages for Law Society staff, an extra £2.1m in legal fees and £404,000 spent on the Legal Services Complaints Commission. Depreciation in equipment, furniture, computers and hardware accounted for a further £6.4m, up from £2m in 2003.
Office holder, council and committee expenses combined to cost the society £1.6m, up slightly from £1.5m in 2003.
The accounts also reveal the salaries of the society’s office holders and chief executive. The Law Society President’s salary went up by £4,680 between 2003 and 2004 to £89,284. But the highest paid member of the society’s senior management team is chief executive Janet Paraskeva, who was paid a total of £297,000 in 2004 including a £28,000 bonus and £72,000 in pensions contributions.
The shortfall in the society’s own pension scheme has increased from £29m at the end of 2003 to £32.5m, based on the existing investment strategy adopted by the Law Society trustees. According to a report produced for today’s (Wednesday, 11 May) council meeting, the increase is "primarily due to a fall in gilt yields, which are used to place a value on the Scheme’s liabilities".
At today’s meeting the council is expected to approve the draft accounts.