M&A creates legal millionaires
City law firms are bulging with millionaires thanks to buoyant market conditions and the onward march of M&A activity.
According to a survey by The Lawyer magazine, 392 solicitors in the City took home at least 1m each last year, and at least 32% of them work at Linklaters.
The Times says about 124 of the London-based law firm's partners enjoyed packages of at least 1m for the year ended April 2006. This after revenue soared by 16% to 935m in the financial year 2005-2006.
However, when it comes to the proportion of partners making a million, Slaughter and May wins hands down. The Times says three-fifths of the 110 partners at the firm earned 1m or more compared to just over a fifth at Linklaters.
