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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.
Travers Smith’s highest-earning partner made just over £1.3m in the 2010-11 financial year, the firm’s latest accounts show.
LLP accounts filed this week at Companies House show that the highest profit share for a partner was £1.302m, 25 per cent up on the figure of £1.044m taken home by the top earner the previous year.
The hike comes despite a 19 per cent drop in profit in 2010-11 to £29.5m, down on the £36.5m it posted for 2009-10. Operating profit dropped 5 per cent from £33.8m to £32.1m.
Revenue dropped 1 per cent from £71.7m to £70.9m, meaning the audited turnover is marginally lower than the unaudited £72m it announced last summer alongside a drop in profit per equity partner (PEP) (8 July 2011).
At the time managing partner Andrew Lilley gave an increase in overheads as the reason for the firm’s 8 per cent drop in PEP from £705,000 to £650,000.
The firm’s accounts appear to back this up, with administrative expenses increasing 2 per cent from £38.9m to £39.7m. Employee costs increased 10 per cent from £23.6m to £25.9m, with this hike including an 8 per cent increase in wages and salaries from £19.8m to £21.4m.
Partner numbers dropped from 62 to 61 compared with the 2009-10 financial year as an average throughout the year, with employee headcount increasing 7 per cent from 340 to 365. Fee-earner numbers were up 10 per cent from 204 to 225, while support staff headcount saw a 3 per cent hike from 136 to 140.
The firm introduced £375,000 in capital from members into the firm in 2010-11, working out at just over £6,000 per partner. It also repaid £655,000 in capital and £200,000 in loans to members.
Lilley said the drop in profits was down to increased overheads and said the amount taken home by the top-earning partner has always fluctuated due to a range of factors.