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Partner Remuneration System
Lock-step model.
Partner Pay 2008/09
The best equity partners pulled in between $1,400,000.00 and $1,600,000.00, with the lowest starting on $450,000.00. Fixed-share partners, who make up two-fifths of the partnership, received between $300,000.00 and $400,000.00.
Pay
Estimated Profit Margin = 46%
reverting to old PCs after cuts in discretionary spendingEstimated Profit = $225,000,000.00
Estimated Profit Per Lawyer = $260,000.00
Estimated Profit Per Equity Partner = $1,250,000.00
Revenue
Revenue 2008/09 = 491,000,000.00
Revenue Change = +4.9%
Revenue Per Lawyer = $560,000.00
Revenue Per Partner = $2,260,000.00
Revenue Per Equity Partner = $2,750,000.00
The Verdict
Chief executive partner David Fagan says the firm is optimistic about the 2010 financial year and is advising on some major infrastructure projects, including the winning consortium on Victoria’s desalination roject, Queensland government’s asset sale program and Perth’s Northbridge rail project. It is also expecting an increase in regulatory litigation in the wake of the economic crisis.
Comment
Clayton Utz is the most profitable law firm and the economic environment is playing to its strengths in litigation and major infrastructure. It has avoided significant staff cuts by paying more rigorous attention to discretionary spending. The firm is making inroads on its competitors in the client relationship stakes, investing more in client feedback.
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