Pay for top Pinsents Masons earner breaks £1m mark with 34% hike

Pay for Pinsent Masons’ top earner broke through the £1m mark in the last financial year, the firm’s limited liability partnership (LLP) accounts have revealed.

The accounts are the first reported by its international LLP, which was created on 1 June 2016 as the firm’s overarching governance vehicle. The accounts run from 1 June 2016 to 30 April 2017.

The firm’s highest-paid partner received £1.09m for 2016-17, up 34% on the previous year’s figure of £810,490.

Key management compensation also increased to £5.95m in the 12 months to 30 April 2017, up from the equivalent figure of £5.14m last year.

Turnover increased to £423.1m, up 10.5% from £382.8m, while operating profit increased 14.6% from £118.6m to £135.9m.

The firm’s cash position improved, growing to £64.8m from £45.7m the previous year, while the amount falling due to creditors in the next year also grew from £60.7m to £69.2m.

The average number of members across the year was 406, consisting of 174 equity partners and 232 non-equity partners.  While average employee numbers rose 2.3% to 2,443, total staff costs rose by almost 10% to £183m.

Senior partner Richard Foley said: “Our 2016-17 accounts reflect a year of sustained profitability, coupled with continued strategic investment into our business. Highlights during the year included opening new offices in Duesseldorf and Johannesburg, taking a minority stake in legal resourcing business Yuzu, plus continued investment into our people, premises and technology.

“Since then we have continued to take steps to grow our business in line with our vision to be recognised as international market leader in the global sectors in which we operate, as evidenced through further office openings in Madrid, Dublin and Perth.”