Significantly increased debt has been a recurring theme for many of the latest limited liability partnership (LLP) accounts filed at Companies House and Herbert Smith Freehills is no exception, with its overdraft up over 140% from £26m to £62.7m and total bank borrowing up by 28% to £110.7m.
In the first accounts filed since Herbert Smith’s June 2012 merger with Australia’s Freehills, the global LLP accounts reveal that revenue is slightly down on last summer’s unaudited figure of £471.2m, standing at £469m. The accounts, which do not include the Australian side of the business, further show a LLP cash position of £29m. Continue reading “LLP latest – Herbert Smith Freehills sees its overdraft rise by 140% as borrowing totals £111m”
Freshfields Bruckhaus Deringer has become the second Magic Circle firm to release its 2012/13 limited liability partnership (LLP) filings with Companies House, revealing a drop of 5% in average equity partner numbers and a reduction in the pay packet of its highest paid member.
The LLP, which saw its 2012/13 profits fall to £312.3m from £329.1m in the previous year, while overall revenues increased by 4% to £1.23bn, saw the average number of members fall from 350 to 332. Continue reading “LLP Latest – Freshfields sees drop in equity partners and highest paid earner as Clydes grows across the board”
DAC Beachcroft, Dentons, Olswang and Ince & Co have joined the ranks of leading UK law firms to have filed their limited liability partnership (LLP) accounts on Companies House, with the former three all seeing an increase in their bank debt.
Dentons UKMEA LLP saw its bank loans increase by around £3m in the 2012/13 year, while profit was down 10% to £28.3m, which the firm attributed to increased marketing and administration costs stemming from its tripartite merger with Salans and Fraser Milner Casgrain.
Revenue at the top-10 firm dropped 1.5% from £144.8m to £142.8m. Continue reading “LLP filings 2012/13 – DAC Beachcroft, Dentons, Olswang and Ince & Co reveal numbers”
Top ten LB100 firm CMS Cameron McKenna has posted a revenue drop for its UK limited liability partnership (LLP) of 6.6% for the 2012/13 financial year alongside a 12.5% decrease in operating profit, accounts filed at Companies House showed yesterday (14 January).
Turnover fell to £212.6m from £227.6m in 2011/12 financial year while group operating profit slid to £47.7m from £54.5m in 2011/12. Continue reading “LLP latest: CMS Cameron McKenna posts revenue and profit drops for LLP but highest earner remains stable”
The latest round of LLP accounts for 2012/13 has revealed that Shoosmiths paid £1.5m to acquire Scottish firm Archibald Campbell & Harley, while Morgan Cole’s highest paid partner took home £116,000 less, Maclay Murray & Spens reduced their borrowing despite a tough year and Charles Russell’s highest paid equity partner took home £234,000 more.
On merging with Archibald Campbell in October 2012, Shoosmiths acquired £1.77m of net assets, £1.47m of which was paid as a cash consideration, the UK top 45 firm’s first-ever LLP accounts show. The remaining £300,000 was collected by the end of the financial year. Continue reading “LLP latest: Shoosmiths, Morgan Cole and MMS see significant drop in highest paid partner as Charles Russell’s takes home 64% more”
Following a seven-month period in which its year-end profitability rose significantly but its half-year revenue was flat, top 30 LB100 firm Nabarro today (6 January) filed its limited liability partnership (LLP) accounts for the 2012/13 year, unveiling a 31% pay increase for its top fee-earner and a 13% drop in partner numbers.
The firm’s LLP accounts filed at Companies House show that the highest pay taken home by a member for the year was £635,000; up from £486,000 in the 2011/12 financial year. Continue reading “LLP filings 2012/13 – Nabarro’s highest earner sees pay increased by 31%”
Clifford Chance’s (CC’s) limited liability partnership accounts for the 2012/13 year have revealed a 5% drop in total remuneration paid to the firm’s management committee, according to the latest filings with Companies House.
Published on 23 December, the accounts show that the 16-strong management committee team received £18m this year, compared to £19m for the 2011/12 financial year.
Continue reading “LLP results 2012/13 – CC reveals drop in management committee pay as LG records further decline in turnover”
Debt levels at the top UK firms by revenue have increased to £185m compared to £138m last year.
Data taken from top UK firms’ annual LLP filings at Companies House reveals that Simmons & Simmons, Addleshaw Goddard, Bird & Bird and Herbert Smith are the most indebted of the leading firms.
Herbert Smith saw its debt level rise by £17m to just over £41m worth of net debt in 2010/11. It increased its overdraft facility by £11m to £18.6m with part of the new loan going to fund the fit out of the firm’s new Belfast office. The firm saw its turnover rise by 3% last year to £465.1m.
Continue reading “LLP filings show increase in net debt at leading UK firms”