Salary hikes all round

The Deloitte results are out, and it shows UK partners are in line for their biggest payday in a decade, despite all the pressures on the Big 4 firms. The average ‘profit’ per equity partner has risen to £882,000, up £50,000 year-on-year. Revenue to May grew by 10.9% to £3.97bn, with over 4,000 people joining the firm, including 1,200 graduates and apprentices. Female partner promotions were up nearly threefold to 32, or 41% of promotions.

Investment outside London also continued, including the new Tech Foundry in Reading with plans to create 350 new jobs.

Distributable profit was £617m, up from £584m in the prior year. The figure benefited from a one-off gain on the sale of an investment; lower provisioning charges and currency gains. Deloitte admits without these distributable profit would have been flat.

The firm’s total tax contribution was £1,057m in 2019. This comprised £638m of taxes collected on behalf of HMRC (VAT, PAYE & NICs) and £419m of taxes borne by the firm (partner income taxes, NICs, corporation tax and employer’s national insurance).