Top Italian lawyers are the highest paid in Europe
Italy's top lawyers are the highest paid in Europe, earning about €1.3 million ($1.7 million) a year, followed by partners in Germany, Spain and the UK, a survey found. Italian profits were buoyed by corporate, banking and capital markets work and a larger-than-average number of salaried associates per partner, according to a 15-country study of 47 law firms by accounting firm BDO Stoy Hayward. Fees from $1.95 trillion in European takeovers in 2006 accounted for 27% of average revenue at the firms surveyed. “The wave of merger and acquisitions activity across Europe has continued during this period,” Nick Carter-Pegg, a London-based partner at BDO Stoy, said in an e-mailed statement, adding that with private equity firms driving many transactions the trend could continue through 2007.
Germany's highest-paid lawyers surveyed earned about €1.05 million in 2006, while Spain's partners made €1 million and Britain's partners earned about €819,000 at the top end, according to a draft copy of the survey due to be published next month. The average profit per partner among respondents was about €465,700 in 2006, a 15% rise over 2005. While some Italian lawyers may be millionaires, there is a large spread between the high earners and less experienced partners, said Franco Bonelli, a Genoa and Milan-based corporate partner at Bonelli Erede Pappalardo Studio Legale.
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