DLA Piper Rudnick Gray Cary’s first set of UK limited-liability partnership (LLP) accounts show that Nigel Knowles made it into the millionaires’ club last year.
The UK chief executive received £1.1m – the highest of any partner in the year ending 30 April 2005. This was a rise of 14 per cent on the previous year, which saw the highest-paid equity partner earn £983,000. Knowles’s payout is more than double the average profit per equity partner of £535,000.
The number of equity partners increased by only two in 2005, while net profit was £85.2m, up from £79.8m. DLA Piper ended the year with £3m cash in the bank.
The firm shrunk its overdraft last year, according to the LLP filings. In 2003-04 it stood at £13.7m; in 2004-05 it operated an overdraft of more than £7m on a turnover of £258.3m. Partners contributed a total of £27.8m in capital over the same period. ‘You’ve got all these firms nipping at the edge and I think a time will come where one or two will say, ‘this is not for me.’
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