Macfarlanes posts PEP of £1.7m as Mills & Reeve boosts staff bonus pot

first_imgCity firm Macfarlanes has become the latest firm to report a stellar year, posting an increase in its operating surplus and record profit per equity partner (PEP).Operating profit came in at £107m, an increase of nearly 25% on the previous 12 months, while PEP was £1.7m, up 25.5%. Turnover climbed 20% to £201.5m, revealing an operating margin that makes Macfarlanes one of the most profitable law firms in the Square Mile.The firm said the results reflected a great year and one in which nearly all its markets were buoyant.A spokesperson for the firm said: ‘We live in an age of increasing volatility and law firm financial performance is bound to reflect that. Our firm is no different and we expect our results to show variable growth year on year. This year has started encouragingly, but there are many potential headwinds out there. We expect the coming year to be more challenging and we do not expect to enjoy the level of growth that we saw last year every year.’Meanwhile, national firm Mills & Reeve said its staff would be sharing a £2m bonus pot after a ‘stellar year’.The firm did not provide profit figures but said turnover rose to a record £106.3m – an increase of 14% on 2017.‘As a result of the strong financial performance the firm has announced the largest-ever all staff bonus pool of £2m, equivalent to 7% of the firm’s salary bill. This equates to a bonus for every full-time employee who has been with the firm for at least a year,’ the firm said.This equates to a bonus of £2,273 for every full-time member of staff who meets the criterion. Additional sums are awarded to staff who have been with the firm for over three years and five years. There is also a pro rata bonus for members of staff who are part-time and/or who have not been with the firm for the whole financial year.last_img read more

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Global organizations support peace efforts in Cameroon’s Anglophone regions

first_imgCameroon imposes curfew in restive anglophone regions Cameroon loses US military support over Anglophone crisis Members of the Cameroonian Rapid Intervention Force patrol on the outskirt of Mosogo in the far north region of the country where Boko Haram jihadist have been active since 2013, on March 21, 2019. (Photo by Reinnier KAZE / AFP) (Photo credit should read REINNIER KAZE/AFP/Getty Images) Members of the Cameroonian Rapid Intervention Force patrol on the outskirt of Mosogo in the far north region of the country where Boko Haram jihadist have been active since 2013, on March 21, 2019. (Photo by Reinnier KAZE / AFP) (Photo credit should read REINNIER KAZE/AFP/Getty Images)Leaders of the African Union (AU), Commonwealth and International Organization of the Francophone, commonly known as La Francophonie, have voiced their commitment to support the peace process in Cameroon’s two troubled English-speaking regions.Moussa Faki Mahamat, chairperson of the African Union Commission, Louise Mushikiwabo, secretary general of La Francophonie and Commonwealth Secretary-General Patricia Scotland, on Wednesday expressed their willingness and resolve to assist the country in its peace process after a joint audience with Cameroonian President Paul Biya.“Our major concern is to contribute towards peace and stability. We believe that Cameroonians do not merit any form of violence and differences ought to be resolved peacefully,” Faki told reporters.“What is of importance is peace, security and equality and we are determined to do all we can as three organisations to support the peaceful process. This is a moment of change, an important moment which we have to seize and support in solidarity. So all those who love good governance and peace need to work hard to deliver it,” Scotland added.The leaders will also meet with opposition parties and civil societies during their two-day mission in Cameroon.“We believe that we have an obligation to contribute modestly through advice, interventions in mediation or on technical subjects such as bilingualism and multiculturalism,” Mushikiwabo told reporters.Since 2017, government forces have been clashing with armed separatist forces who want the two English-speaking regions of Northwest and Southwest to secede from the majority French-speaking nation.Relatedcenter_img Ethiopia: Global community must increase support for Somalialast_img read more

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Japan teenager skis to wakeboard gold

first_imgAKITA – Mero Narita, who helped deliver the athletes’ oath for the World Games 11 days ago, delivered a gold medal Sunday — the final day of competition — when she won the women’s wakeboard event in water skiing.Tokyo lifeguard Masami Yusa then made it a mini-gold rush for the host country by winning the women’s beach flags event in the life saving competition, which brought Japan’s gold medal total to nine. GET THE BEST OF THE JAPAN TIMES Japan also struck gold in the demonstration sport of sumo, winning four of the eight gold medals on offer at Tenno Municipal Gymnasium.Russia topped the final medal standings with 24 gold medals and 44 overall (24-15-5), followed by the United States with 31 (15-8-8) and France with 23 (12-5-6). Japan was seventh with nine gold medals and 25 overall (9-6-10). At Ogata Water Ski Course, Narita ignored the pain of a shoulder separation suffered in July to turn in an energetic routine for 44.30 points and the gold medal ahead of Australia’s Leza Bugden and compatriot Kiyomi Suzuki.“I couldn’t worry whether (my shoulder) hurt or not. I had to get out there and do what I enjoy doing,” the Osaka native said.Domu Narita, however, did not fare as well as his 13-year-old sister, finishing eighth in the men’s wakeboard event, won by Vinh-tung Rodolphe of France. Morgan Krause of South Africe won the silver medal and Fabrizio Bennelli of Italy grabbed the bronze.Also in water skiing, three-time world champion Martin Patrice of France came from behind to win the men’s overall title and Elena Milakova of Russia took the women’s crown.In life saving’s surf events, Yusa edged Spain’s Rosa Gonzalez for the gold medal in women’s beach flags and Japanese compatriot Kozue Fujiwara grabbed the bronze at Iwaki Island Park.“I’m so happy to win a gold medal in the first international meet to be held in Japan,” Yusa said.Japan also got a bronze medal in the men’s beach flags event from Hidenobu Tadano behind Spain’s Sergio Leon and Waleed Damon of South Africa. center_img IN FIVE EASY PIECES WITH TAKE 5last_img read more

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