03 January 2018 at 06:45 BST

Magic Circle management teams reap big payouts

Revenues at Allen & Overy and Clifford Chance increased with management awards on the increase.


Partners at Magic Circle firm Allen & Overy had a good year with average profit per equity partner rising by £400,000 to £1.5 million, the latest accounts reveal. With its highest earning member earning £3.5 million, the firm saw turnover rise by 16 per cent to £1.5bn whilst profits were £716m. Management received £15.8m, up from £13.6m the previous year. The figures are up to 30 April 2017.

Clifford Chance payout

Meanwhile Clifford Chance's 568 partners shared a £477 million payout last year with 13 partners in the executive management team awarded £16 million. Exchange rates helped revenues rise from £1.3 billion to £1.5 billion for the firm with the UK accounting for £507 million, Continental Europe £506 million and the Americas at £202 million. Asia Pacific grew fastest - with revenues at £276 million, a 23 per cent jump from the previous year. Whilst turnover was up by 11 per cent on the previous year, excluding exchange rates, this dropped to two per cent. 


Also read...

Legal operators converge in London next week

With legal operations an increasingly powerful group, Aine Lyons, deputy general counsel of VMware and one of the founders of industry body CLOC, gives an insight into next week's event in London.