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Taylor Wessing’s top-earning UK partner raked in more than £703,000 in 2010-11, 20 per cent more than the highest paid partner got in 2009-10.
According to the firm’s UK LLP accounts, the highest remuneration received by a partner was £703,033, up from £585,744 in 2009-10. Average profit per equity partner (PEP) in the UK business in 2010-11 was £537,000.
Revenue at the UK LLP was £91.2m. That represents a rise of 8 per cent on 2009-10, when turnover was £84.4m. Operating profit also grew, from £29.4m in 2009-10 to £32.6m.
The firm also paid down in full a £5m loan facility that related to its 2009 London office move, months earlier than was expected. As a result, the firm’s net deficit went down from £6.6m to £2.5m.
The total number of staff at the firm in 2010-11 was marginally higher than in 2009-10, up from 476 to 485, as a result of increases in the number of non-fee earning professionals and support staff. The average number of partners across the business during the year dropped, from 101 to 99.
Global turnover at the firm was up 8 per cent, to £192.3m from £177.9m, while PEP was £402,000.