Deloittes' UK practice fee income jumps to u401m

Deloitte & Touche’s UK practice raised fee income by 8.5% to u401m in the year to September 1996, the first time for a number of years that the firm has made such significant progress.

The growth was led by a strong advance in its management consultancy arm. Audit, tax and corporate finance also moved ahead, while insolvency slipped as the economy continued its improved performance.

Fee income per partner rose 14% to #1.2m, helped by a reduction in the number of partners from 353 to 335 – largely attributable to early retirements following recent mergers.

In June 1995, the last time the firm released whole-year figures, it recorded fees of #337m, up 1.2% on the previous year. Global fee income for Deloitte Touche Tohmatsu International rose 9.5% to $6.5bn. DTTI now claims to service one-fifth of the world’s multinational corporations.

Over the last year, Deloitte’s UK corporate finance business worked on more than 80 management buy-outs and advised Granada in its bid for Forte. The tax arm advised on the structure of Equitas, the new vehicle for Lloyd’s Names.

So far, Arthur Andersen is the only other Big Six firm to have released both national and global fee figures.