The management committee (which was reduced to 12 members in 2014/15 from 16 in 2013/14 as part of managing partner Matthew Layton's election manifesto) pocketed £14m, compared with £20m the year before. This constituted an average pay of £1.16m, down from £1.25m the previous financial year.
Revenue and profit
Revenue fell 0.7 per cent to £1.35bn from £1.359bn, while the firm’s profit for distribution among members fell four per cent, from £377m to £363m. In spite of this, the results were still the Magic Circle firm’s second best year in terms of global revenue, remaining around seven per cent higher than its turnover in 2012/13 of £1.271bn. Sources: The Lawyer; Legal Business
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