Deloitte's UK business said equity partners received an average of about £1.13 million, or $1.5 million, for the last fiscal year, a 7% increase from the prior period. The partnership also expanded to 784 people, a rise of a little over 6%, which the firm said is the highest in its history. Alongside that, the bonus pool rose 14%.
In a statement on Wednesday, the UK arm reported revenue up 2% to about £5.8 billion for the year ended May 31. Distributable profit came in at £899 million, an increase of 14% versus £789 million a year earlier. Overall headcount declined by 948 over the financial year.
In June, the firm outlined plans to reduce its auditor ranks by 175 through a voluntary program, citing low levels of natural attrition. Darren Graves said the firm continually assesses its shape but does not have plans for more cuts.
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Darren Graves, Deloitte UK Chief Executive Officer, said AI conversations with clients have shifted from tool selection to broad change management, including how to deploy systems, build AI trust and handle cybersecurity. "We have begun to see that demand increase and that drove the results." Clients want projects delivered faster, he said, but the technology bill is meaningful. "It sometimes takes less time from a person perspective," he said, but "this technology is expensive." As a result, fees are not being pushed down by AI.
In June, Graves became UK CEO after his predecessor, Richard Houston, shifted to lead the firm's newly formed Europe, Middle East and Africa division. Globally, Deloitte said earlier this month that revenue increased 3.8% to $74.5 billion for the year ended May 31.
Consulting demand around AI is paying off for firms that can deliver it, and the spend on technology is keeping pricing firm. If you work with, invest in, or compete against professional services, this mix of modest revenue growth, fatter profits and selective staffing cuts is a useful read on where budgets are actually going: faster delivery, pricier tech and leadership bets on AI-heavy projects.
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