The Financial Times yesterday wrote about the rich getting richer at the Queen’s Deloitte:
Deloitte’s UK partners will receive an average payout of about £1m after the accounting firm’s profits rebounded from a pandemic slump last year, helped by the sale of its restructuring division.
The share of profits to 700 equity partners is the highest in at least a decade, according to people briefed on the annual results, which are due to be published next week. …
Last year the average share of Deloitte profits was £731,000. The people familiar with the results said the corresponding figure would rise for the financial year ending May 2021 but not surpass 2019’s level of £882,000.
However, the overall average payout will be boosted by an additional sum of about £200,000 following the sale of Deloitte’s UK restructuring arm to Teneo, the advisory firm backed by private equity group CVC Capital Partners, the people said. The highest earners will receive significantly more than £1m in total.
Deloitte is the second of the Big 4 to release its partners’ hefty paydays for FY 2021. Average profit per partner at PwC in 2021 was its highest ever at £868,000, up from £685,000 in 2020 and £765,000 in 2019.
FT reported that EY will announce its partner profit payout sometime in the next few weeks, with KPMG to follow later this fall.
Deloitte partner pay touches £1m as Big Four profits rebound [Financial Times]