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Partner Remuneration System
Performance-based system partnership.
Partner Pay For 2008/09
The lowest level equity partners pull in $400,000.00, while the top level receive $1,200,000.00. A bonus takes the top performers to $1,400,000.00. Fixed share partners earn between $200,000.00 and $400,000.00.
Pay
Estimated Profit Margin = 35%
Estimated Profit = $78,000,000.00
a good year for the foxEstimated Profit Per Lawyer = $140,000.00
Estimated Profit Per Equity Partner = $820,000.00
Revenue
Revenue 2008/09 = $224,000,000.00
Revenue Change = +2.8%
Revenue Per Lawyer = $410,000.00
Revenue Per Partner = $1,460,000.00
Revenue Per Equity Partner = $2,350,000.00
The Verdict
In his last year at the helm, chief executive Tony Crawford says the firm’s restructuring has created a strong platform for recovery and that revenue grew in litigation, workplace, infrastructure, competition and intellectual property. The amount generated from referrals from its international network grew.
Comment
DLA Phillips Fox recorded the third highest revenue growth of the top 10 firms. Margins were relatively low but held steady, with spending cuts offset by costs from the reconfiguration of the Brisbane office and new premises in Canberra. The dire state of the legal market in the US and UK put pressure on international referrals last year but the firm’s vision is still a global one.
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If their revenue actually increased from the previous year and they made such a huge profit why did they previously cry poor and retrench large numbers of employees? Surely, these employees would have been budgeted for at the beginning of the 2008-009 financial year? A reminder to all prospective lawyers that despite the feel good marketing, law firms are really only about partner profits and not about employees or clients.
They should change their brand from “Everything matters” to “Greed matters”.