UK: Macfarlanes retains top spot for partner pay

The City firm increased turnover by five per cent to £389.5 million, while profit rose three per cent to £212m. Average equity partner pay remained unchanged at £3.1 million.

Macfarlanes specialises in private client work for wealthy individuals as well as corporate law. During the year it advised Banco Sabadell on the proposed £2.65 billion sale of TSB Banking Group to Banco Santander and acted for Evelyn Partners on its proposed £2.7bn sale to NatWest Group, which remains subject to regulatory approval.

The firm’s reported average partner pay continues to exceed that of its publicly reporting Magic Circle rivals. Clifford Chance reported average partner pay of £2m, followed by Linklaters at £1.9m and A&O Shearman at £1.82m.

Freshfields has not published partner pay figures in recent years, although it is required to file accounts at Companies House. Slaughter and May, which operates as a traditional partnership, is not required to disclose its financial results publicly.

Macfarlanes has 97 partners but does not disclose how many are equity partners.

Senior partner Damien Crossley described the results as representing a “transitional year for the firm” that produced a “satisfactory outcome”. He said the firm’s mergers and acquisitions and disputes teams had delivered “standout” performances, while describing the wider premium legal market as “challenging at times”.