09:27, January 04 384 0

2018-01-04 09:27:10
BLP top fee-earner takes home £1.4m as profits fall

Berwin Leighton Paisner’s (BLP) highest-paid partner saw a 7 per cent dip in profits over 2016/17, according to the firm’s annual accounts.

The profit share of the highest-paid member fell from £1.5m to £1.4m in a year in which management pay nevertheless increased by 4 per cent.

The firm’s key management personnel, which includes managing partner Lisa Mayhew and senior partner Neville Eisenberg, saw compensation grow from £12.7m to £13.2m.

It was a mixed financial year for BLP, as the firm reported an 8 per cent drop in average profit per equity partner last July to £630,000.

The dip came alongside a revenue jump of 7 per cent from £254m to £272m, while net profit decreased 7 per cent to £69.1m.

Headcount has risen 11 per cent worldwide at BLP, with the firm’s workforce now standing at 1,371.

The growth can be seen in support staff and fee-earner numbers, with partner headcount in fact dipping by 13 to 151. Support staff numbers increased to 658 from 598, while fee-earner headcount shot up from 639 to 713.

BLP still holds a majority interest in Lawyers on Demand, which was originally set up as a division of BLP but was spun out as a separate venture in 2012. The firm’s holdings in LOD has decreased from 64 per cent to 62.4 per cent across the year.

The LLP accounts come as BLP readies itself for a proposed tie-up with US firm Bryan Cave. Before Christmas, it was revealed that the new firm could be called BCLP (Bryan Cave Leighton Paisner), after the domain name trustbclplaw.com was registered.

The Lawyer revealed in October that the pair were in talks to create a global firm with turnover of nearly $1bn with 32 offices spread over 12 countries.