Clyde & Co top earner paid 22% less in 2015/16

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Clyde & Co’s highest-paid member received 22 per cent less in 2016, according to the firm’s LLPs.

The highest-paid partner picked up £1.4m in the year ending April 2016, falling from £1.8m the year before.

The dip, however, came alongside an overall 15 per cent rise in total salary costs from £155m to £179m.

The firm employed 354 more staff than it did in 2015, increasing to 2,857 people worldwide. Both support staff and lawyer numbers grew by over 150 in 2015/16, while partner headcount rose from 236 to 262.

The LLPs are the first to contain financial information regarding Clyde & Co’s Scottish merger partner Simpson & Marwick, following the combination in September 2015. Profit at Simpson & Marwick totalled £7m, although net profit across the combined firm grew by just £3m across the wider firm from £111.6m to £114.8m.

For the year ending 30 April 2016, Clydes’ revenue grew 13 per cent from £396.8m to £447.3m. Simpson & Marwick made up £18m of the total.

The LLPs also show that the firm dramatically increased its amount of donations to charitable purposes last year from £5,600 to £51,000.

The firm has opened a number of new offices in the last six months, including its first office in Germany and Miami bolt-on Thornton Davis Fein.

The Lawyer revealed Clydes was in consultation with a “small number of senior lawyers” in its aviation practice late last month. It is understood the firm plans to cut fee-earner roles as a part of a restructuring exercise to improve profitability.

The post Clyde & Co top earner paid 22% less in 2015/16 appeared first on The Lawyer | Legal News and Jobs | Advancing the business of law.



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