As we observed last week, pay at top M&A boutiques is weirdly similar. On an average basis, most leading independent M&A advisers pay their staff in the range of £210k – £220k ($310k-$335k). Some pay more.
Perella Weinberg is now in the latter category.
The boutique firm has just released accounts for its London-based operation (Perella Weinberg Partners UK LLP) for the year ending December 2014. And they suggest that this time last year, or slightly before, several people at the firm got a whopping pay rise.
For the year ending last December, Perella Weinberg paid its 73 UK staff £19.8m. That’s £271k ($412k) each.
One year earlier, Perella Weinberg’s UK workers were on a mere £204k average.
So, they got a 33% pay rise.
The ‘members’ (partners) did best, however. In 2014, nine of them shared £6.8m of profits. In 2013, 15 of them shared £1.04m. The average partner allocation therefore went from £69k to £757k, which isn’t bad for a pay rise.
The bad news is that Perella Weinberg isn’t hiring in London. It’s firing. In June 2013 it had 51 FCA registered staff doing interesting client-facing type jobs. Now it has 41. Between 2013 and and 2014, overall headcount in the City went from 77 to 73. Most of the people who left the firm during this period don’t appear to have found new jobs in London.
Photo credit: Thomas Galvez