The top 10 firm’s PEP is up from £956,000 last year to £1.04m, with partners at the top of the lockstep set to earn £1.46m and those at the bottom £560,000.
The news follows the firm’s announcement in May that it had posted a 17% increase in turnover to smash through the £300m barrier.
The firm raked in fees totalling £323m for 2007-08, during which period the firm has made a series of hires in Europe and
Managing partner Simon Bromwich commented: “If you look at our performance over the last two to three years we have made good progress.”
Bromwich highlighted the firm's work advising natural resources giant RUSAL’s acquisition of a 25% stake in Norlisk, the world’s largest nickel producer.
The review of the lockstep was thought to affect around 50 partners and has seen the firm’s lockstep cut from 10 years to nine, with the gateways moving to three and six years. The firm has also formalised measures to allow management to accelerate younger talent up the ladder.
Last week the magic circle elite underlined their dominance in the City, with Linklaters announcing a 15% hike in revenues to £1.239bn with PEP up 11% to hit £1.441m.
Allen & Overy become the latest top law firm to push through the billion-pound revenue barrier. The City giant reported revenues climbing 15% to £1.01bn for 2007-08.
