Partners at PwC are in line for seven-figure pay-outs for the last financial year after exceptional trading saw its profit per partner increase by around 15% on the previous year.
PwC’s average profit per partner stood at £920,000 – a record for any of the “big four” firms – but members of its executive tier will also share a windfall, estimated to be more than £100,000 each, from the firm’s sale of its global mobility arm.
PwC completed the sale of mobility business to the US private equity firm Clayton, Dubilier & Rice for £1.8bn in May. The newly launched Vialto Partners employs close to 6,000 immigration, tax, HR, and technology professionals worldwide.
According to Sky News, 950 partners were briefed on the annual pay-out this week. It follows last week’s announcement that PwC employees’ pay will increase by more than 9%.
With economic headwinds facing all businesses including rising costs and the tightness of the labour market, we have to shore up with further investment, particularly in people, skills and technology” – Kevin Ellis, PwC
The firm said 70% of its UK workforce would receive at least a 7% uplift in wages, with 50% getting an increase of 9% or more.
Kevin Ellis, PwC’s UK chair and senior partner, said: “Our business is in a strong place thanks to the breadth of our services and clients, the skills of our people, and the investments we’ve made. It has been an exceptional year, but we can’t take this for granted.
“With economic headwinds facing all businesses including rising costs and the tightness of the labour market, we have to shore up with further investment, particularly in people, skills and technology.
“These investments are likely to reduce our profit per partner next year but given the expected boost to financial performance over the medium to longer term, it’s right that we make these investments now.”
Ellis added that PwC had recruited over 2,000 UK school-leavers and graduates in the past financial year.