THE highest-paid partner at personal injury law firm Digby Brown received a pay package in excess of £1 million in the year to March 2016 after both turnover and profits increased by double-digit percentages.
Turnover at the firm, which advises on compensation claims for everything from fatal accidents and clinical negligence to industrial disease and accidents abroad, was up by 11 per cent to £27.2m while profits were up by 10 per cent to £8.6m.
When the profit figure is divided among the firm’s 20 partners it gives an average remuneration package for the year of £430,000. However, the top-earning partner received a profit share of £1.1m, up 20 per cent from £918,241 in the previous financial year.
Chief executive Fraser Oliver said it had been a good year for the firm, adding: “One of the most important metrics for us is the rewards we receive for our clients and over the course of that year we got £105m in damages.”
The firm’s accounts, which were filed at Companies House this week, also revealed that the firm’s debt increased year on year. This is because the firm took on a £684,000 bank loan that is repayable by May 2020 while its overdraft facilities increased from £2.5m to £3.2m.
Mr Oliver said the firm has high debt relative to other law firms because of its focus on personal injury work.
“As part of our model, when we take on and review cases if we accept them we fund them ourselves from the start to the conclusion,” he said.
“As part of that funding model the client won’t have to pay for court fees or medical reports and we recoup the money out of any compensation paid.”
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