lifford Chance’s (CC’s) top management team took home £16m during 2016-17 after a strong year for the firm which saw it boost revenues across all major jurisdictions.
The firm’s recently filed limited liability partnership (LLP) accounts show its executive leadership group received total remuneration of £16m, £1m up on the previous year’s figure of £15m.
However, the increase came on the back of the group growing from 12 to 13 members with the addition of London managing partner David Bickerton, meaning average pay for the group has fallen from £1.25m to £1.23m.
Bickerton has since passed on leadership of the London office to City finance head Michael Bates, who officially took up the regional managing partner role yesterday (1 January).
The LLP accounts also show staff costs increased by 14% during 2016-17 from £609m to £694m, primarily as a result of total salaries and remuneration rising 15.6% from £482m to £557m.
Average headcount fell by 2% to just over 6,065, with associates and other fee earners falling 53 to 2,262 and support staff headcount dropping 50 to 2,731, while the number of partners increased by one to 568.
Last July, the firm announced that profit per equity partner (PEP) had risen by 12% to £1.38m, with revenue rising 11% to £1.54bn.
Broken down by geography, the firm Asia-Pacific operations saw the sharpest turnover increase, rising 23% from £224m to £276m.
US revenues grew 15% to £202m, while Continental Europe revenues grew 12% from to £506m, but UK growth was harder to come by, with domestic revenues up 4% from £489m to £507m.
CC recently re-elected Matthew Layton as global managing partner after the firm’s partners voted to hand him a second four-year leadership term, which will begin on 1 May next year.