Partners at Linklaters are set to receive payouts of £1.87m after posting slower growth than any other Magic Circle firm.
Linklaters’ £1.87m payouts saw the City of London law firm’s partner pay sit at lower levels than in any other Magic Circle firm.
Linklaters said its profit-per-equity-partner payouts jumped 5.4 per cent to £1.87m after the firm’s revenues increased 6.5 per cent to £1.674bn.
The law firm’s position at the bottom of the Magic Circle’s pay scale comes after Linklaters posted lower revenue growth than any other Magic Circle firm.
The most recent results season saw payouts handed out to partners at both Freshfields and Clifford Chance surpass the £2m mark for the first time.
Meanwhile, partner pay at Allen & Overy lingered just below the symbolic £2m threshold at rates of £1.95m.
Linklaters’ higher revenues saw the law firm’s pre-tax profits increase 6.9 per cent to £871.7m.
The law firm currently pays its newly-qualified solicitors salaries of £107,500 a year, putting on par with its Magic Circle rival Allen & Overy, and behind Clifford Chance, Freshfields, and Slaughter and May.
Linklaters managing partner Paul Lewis the law firm was “pleased to report a strong set of financial results, largely driven by increased revenues from robust markets and sustained deal activity over the past financial year.”
“Our strategy is built on the premise that we will deliver profitable growth by excelling for clients. We are able to achieve this due to the quality, hard work and client-centric approach of our people,” Lewis said.
“In a post pandemic world with growing political and economic uncertainty, our clients require complex legal solutions.”
“The investments we have made over the year have ensured that we are able to provide the right combination of global coverage and high-quality cross practice expertise.”
“To excel for our clients we need to be nimble, bold and decisive in our approach, which we will continue to be as we look ahead to the next financial year.”