ALM Properties, Inc.
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Clifford Chance Accounts Reveal Management Team Pay Hike of 10 Percent
Clifford Chance's management committee received total remuneration of £19 million for the 2011-12 financial year, a 10 percent increase from the previous year's figure.
The figure is contained within the firm's latest limited liability partnership accounts, which show the 16-member board received a total of £17.3 million in 2010-11.
The report also reveals that the average partner headcount at the firm increased 3 percent to 568 in 2011-12, while the number of associates rose 5 percent to 2,325. Total staff costs increased by 5 percent from £537.3 million to £565.7 million.
Profit available for profit share among members rose to £382.5 million in 2011-12, up almost 13 percent from £339.5 million in 2010-11.
Audited revenue for 2011-12 rose 7 percent to £1.303 billion from £1.219 billion in the previous year, the same figure as reported by the firm earlier this year.
Geographically, the Asia-Pacific region saw the most significant growth, with a 28 percent increase on the previous financial year to account for 14 percent of global revenue. The firm's performance in the region was bolstered by its tie-ups with Australian boutiques Chang Pistilli & Simmons and Cochrane Lishman Carson Luscombe during 2011, as well as solid returns from its bases in China, Hong Kong and Singapore.
Capital net contributions made by partnership members also increased significantly over the year, up from £1.9 million in 2010-11 to £8.1 million in 2011-12. The firm attributed this in part to a larger number of partners promoted into the equity over the year as well as a substantial number of senior lateral hires made during the period.
The report also showed that the firm repaid a £2.2 million bank overdraft during the year, with cash at the bank and in hand now standing at £120 million, up from the 2010-11 figure of £66.8 million.
Separately, the accounts note that the closure of its defined benefit pension scheme came into effect from the end of the 2010-11 financial year, stating: "The scheme was closed to future accrual with effect from 30 April 2011, having been closed to members since 2005."