Linklaters has joined a growing band of law firms reporting flat gross for the financial year after billings remained unchanged at £720m.
Average profit per partner for 2003-04 reached £640,000, a 12.8 per cent decline on the previous 12 months. Turnover crept up by 0.3 per cent.
Partners at the top of equity will be paid £840,000 while those at the bottom will make £335,000, on £360,000 on the year before. In terms of top of equity, in March this year according to documents seen by The Lawyer, plateau partners had in fact taken home £815,000. This was in contrast to figures published in 2003 showing Linklaters’ top of equity at £905,000.
Linklaters managing partner Tony Angel said that back in March 2003, the firm had been aggressive on setting budgets for the coming financial year however the targets were subsequently readjusted.
Though he added that structured finance and banking performed well while Paris and Tokyo enjoyed stand out years.
Linklaters is just one of a number of practices which experienced a disappointing year including fellow magic circle firm Allen & Overy which saw turnover edge up just slightly to £649m on £647m in the comparable period.