Irwin Mitchell's limited liability partnership (LLP) saw a 7% increase in turnover in 2016-17, according to accounts filed with Companies House, which also show the firm has negotiated an extension to its rolling credit facility.

The LLP accounts comprise the firm's business legal services, personal injury and private wealth businesses, but do not include the entirety of Irwin Mitchell Holdings, the LLP's corporate parent company, which last summer posted an overall 6% rise in revenue to £235.2m for 2016-17.

The accounts show that the LLP boosted turnover to £214.5m in its first full year since its merger with regional firm Thomas Eggar, alongside a 2% rise in profit available for division among members to £8.6m, up from £8.4m.

The increase in profit comes after a fall of 59% in 2015-16, when the figure dropped from £20.6m to £8.4m. This followed what Irwin Mitchell described as "a deliberate decision to fast-track the integration of Thomas Eggar", which the firm said had impacted profitability.

Following the distribution of members' profits shares, a minimum of 28% of the profit is paid into a bonus pool that is allocated to members at the end of the financial year.

The LLP filing states that the profit share attributable to the highest paid member was £5m, a 20% increase on the previous year's figure of £4.1m. However, rather than an individual partner, the figure is a payment to parent company Irwin Mitchell Holdings.

The amounts due to creditors falling due within one year increased sharply during 2016-17, rising 40% from £114.5m to £161.1m. This figure includes £34.4m in bank loans and overdrafts, up from £1m last year.

In 2014 the firm secured a four-year, £60m bank loan with three major UK banks to fund its plans for growth, a package that also included a £30m 'accordion' facility, which could be drawn on, if required, to fund further expansion. The accounts state that during the year it successfully extended its rolling credit facility to October 2018.

The LLP's staff costs increased by 15% from £70.4m to £80.8m during 2016-17, as the average number of fee earners rose 12% from 1,205 to 1,344 and administrative staff increased 12% from 787 to 883. The average number of members in the LLP also rose 14% from 215 to 245.

The accounts refer to "continued uncertainty in the personal injury sector" during the second half of the year, following government changes to the personal injury discount rate and compensation payments.

Earlier this year, the firm announced that it would pay out thousands of pounds in its first dividend to shareholders since February 2016. In a letter to shareholders, the firm announced that it would pay an interim dividend of 1.25p per share for the half year to 31 October 2016.