Taylor Wessing's senior management pay dips as Hill Dickinson's top earner compensation increases

Taylor Wessing’s senior management team saw combined pay dip marginally last year, as Hill Dickinson’s highest-paid partner took home 5% more than the previous year, according to the firms’ limited liability partnership (LLP) accounts.

Taylor Wessing saw operating profit decrease from £49.8m to £47.6m in 2016-17, with senior managers – including managing partner Tim Eyles (pictured) – seeing combined pay fall from £6m to £5.8m.

The highest-paid LLP member took home £1m, down from £1.2m the year before.

The dip in pay for the firm’s highest-paid partner came alongside a 5% reduction in profit available for division among LLP members, which fell from £50m to £47m. The average number of members during the year rose from 100 to 102.

This came as staff numbers at the firm increased from 552 to 565, due to an increase in fee earners from 288 to 292 and business services staff from 250 to 257. Staff costs rose alongside the increase in personnel, increasing from £44.3m to £45.9m.

Publication of the accounts come after longstanding Taylor Wessing managing partner Tim Eyles announced in December that he would stand down on 1 October 2018, after nine years leading the firm.

Separately, the highest-paid partner at Hill Dickinson took home 5% more in 2016-17 than the previous year, at £367,000.

Profit for division among LLP members rose from £2.2m to £2.6m, as the firm’s operating profit fell from £24.7m to £23.9m. The number of equity members at the firm also fell from 143 to 138.

Staff numbers across the firm remained stable, moving from 1,100 to 1,098. This came as secretarial and administrative staff numbers decreased from 170 to 148. Staff costs rose from £44.4m to £45.6m, alongside an increase in salary costs from £39.5m to £40.6m.

The accounts do not show details of Hill Dickinson’s deal last year to transfer its £23m insurance business to Keoghs. The deal saw 16 partners and about 400 other Hill Dickinson fee earners and staff based in Liverpool, London and Manchester transfer to Keoghs.