City firms’ management receive pay rises hitting more than £3 million
updated on 02 February 2024
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Top earners at Eversheds Sutherland (International) LLP and Pinsent Masons LLP have had their remuneration increased to approximately £3.1 million.
Financial reports, released over the Christmas period, show that from the year to April 2023, the firms’ chief executives and managing partners’ salaries increased by between 14 to 66%.
For Eversheds, the news comes after the firm announced its net profits had increased by 17%, with an 8% increase in firm revenue to £730.9 million.
Following this success, a total of £9.9 million was shared between five members of the firm’s executive committee (ie, the chief executive, the managing partner and three additional executives).
Meanwhile, remuneration for the firm’s remaining 402 members fell slightly to £648,000, this decrease may, in part, be due to the firm taking on an additional 21 members this year.
Pinsent Masons also saw a significant financial increase in 2022/23, with pre-tax profits increasing by 13%, and turnover rising by 15% to £483 million. Andrew Masraf, senior partner at the firm, described this as “a record year of revenue growth”.
However, not all firms have delivered pay increases to senior staff.
Macfarlanes LLP and magic circle firm Clifford Chance allocated £3.56 million and £4.82 million retrospectively to their highest-paid executives. Both figures are a notable decrease compared with the previous year.
