KPMG partners are now making well over #500,000 a year, it was revealed yesterday.
Average profit per "member" is up 19 per cent to #556,000. There are 560 partners, all of who are equity holders.
The UK arm of KPMG International reported profits of #305 million for the financial year to the end of September 2005, an increase of 21 per cent compared with the previous year's #253 million.
Turnover was up 20 per cent to #1.28 billion from #1.07 billion in 2004.
Staff bonuses and profit share increased by 57 per cent on a per head basis to #59 million.
The firm also reported top-line growth across audit, tax and advisory.
Mike Rake, chairman of KPMG International and UK senior partner, said: "In many ways, 2005 was the
most successful year in the history of the UK firm. It makes KPMG the fastest growing Big Four firm in the UK in 2005."
The biggest increase was in Risk Advisory Services where turnover grew by 48 per cent.
The deal-making Transaction Services side jumped 38 per cent.
The Audit practice was up 16 per cent, supporting clients complying with new accounting standards
and regulations, particularly International Financial Reporting Standards.
The Tax practice also had a strong year, with turnover rising by 15 per cent. However corporate recovery was down slightly.
During 2005, KPMG provided services for 93 of the FTSE 100 companies and 72 per cent of FTSE 350 companies.
In 2005, 41 new partners and 88 new directors were appointed, both from inside and outside the business.
Average staff numbers increased by 732 to 8,936.
The number of graduate recruits rose to 750 from 637 in 2004.
Birmingham performed in line, said local senior partner Mark Hopton. The office, has 58 partners, including five created during the year. Clients include IMI, Carillion and Boots.
