Grant Thornton profits surge

Grant Thornton profits surge

Big payday for partners at UK's fifth biggest firm

Grant Thornton will report pre-tax profits of £55m and will pay its 239
partners an average of £364,000 each, the Herald has reported.

Michael Cleary, national managing partner at the firm, is thought to have
earned £960,537, a 7% increase on his 2004 salary, as the firm prepared to
publish maiden financial results as a limited liability partnership.

Grant Thornton converted to LLP status in 2004 following the trend of the Big
Four and other accounting firms to protect partners from personal liability in
the event of a damaging lawsuit.

In the year ended 30 June 2005, Grant Thornton is expected to post pre-tax
profits of £54,998,000, a 12% rise on 2004. Net fee receipts climbed from £226m
to £244m, giving the firm a profit margin of well over 20%.

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