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Trowers LLP accounts show top member takes home less as profits flat in 2015/16

Trowers & Hamlins‘ top paid member took home £448,698 for the 2015/16 financial year, down 4% on the year previous, according to the firm’s LLP accounts.

The firm saw a mixed result for the 2015/16 financial year, posting total revenues of £85.6m, up from £79.4m the year before, an 8% increase. Profits were flat, up 3% £23.4m from £22.7m, and the firm said in July profits per equity partner were down by 8% to £310,000 from £336,000 the year prior.

The total number of members at the firm rose by 8% during the last financial year to 103, up from 95. The number of fee earners increased by a bumper 61% to 403 while support staff numbers also rose by 8% to 267. Staff costs were up to £34.2m from £31.5m.

According to the accounts, the firm’s management board which includes senior partner Jennie Gubbins as well as six designated members and one salaried partner, received £3.5m, down from £3.7m the year before.

The accounts say revenue improvement reflected improved economic conditions in the UK, and noted the firm had taken on additional office space in Manchester, Exeter and Birmingham, and continued to invest in its IT systems.

The firm’s topline benefited from a combination with Devon-based Stones Solicitors, which it announced in September 2015. Stone Solicitors had an annual turnover of about £5m and had a practice which covered litigation private wealth, real estate, company commercial, and employment.

Trowers also became the first law firm to secure a Qualified Foreign Law Firm (QFLF) licence in Malaysia in a move to capitalise on its Islamic finance offering and target European bound investment.