Accountancy firm's bonus bonanza
By Richard Wright | 12th August 2021
The average pay for partners in leading accountancy firm PwC has risen by 25% to £868,000.
There are about 940 staff, among a total workforce of 22,000 in the UK, who qualify as partners. Gross revenue for the firm during the year ending 30th June 2021 increased by 2% to £4,447 million.
The UK staff bonus pot this year was at a record high of £128 million, up from £83 million in 2020 and £113 million in 2019, while staff also enjoyed an additional day off and an extra week's pay in May to recognise their efforts. The firm had 3,300 new joiners during the year.
Accountancy firms, along with legal firms and estate agents, are three of the sectors that have done well in the last year and a half of crisis. The large number of deals and takeovers have boosted accountancy income.
Kevin Ellis, PwC chairman and senior partner, said: "Like our clients, we see the pandemic recovery as a catalyst of profound change, driving increased demand for our deals, financing, digitisation, ESG [environmental, social and governance] and supply chain transformation services."
"Against a backdrop of uncertainty, I've continued to be incredibly impressed by the focus and resilience of our people as they've navigated the challenges of the last 12 months."
The firm plans to invest more than £1bn in the UK over the next five years on a number of programmes to create jobs, increase skills and deliver wider benefits to the UK economy.
The accountancy firm launched a framework to embed hybrid working giving staff more flexibility in how and where they work.
They plan to continue building partnerships with Universities, Government and other stakeholders across the UK.
The sector is something of a bellwether for the economy but while accountancy and legal services have done well out of the Covid pandemic, other sectors like high street retailing, tourism and leisure, and hospitality have taken a hammering. Like in a war situation there are always winners and losers.
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