Mayer Brown accounts show Euro profits dip
Operating profits in Mayer Brown's London and Brussels offices fell by £3.3m during 2007 to stand at £37.7m, despite an £8.9m increase in fee income to £103.5m. The results, revealed in the US firm's limited liability partnership (LLP) filing to Companies' House earlier this month, show that profits in the international LLP, which encompasses the Brussels and London offices, fell by around 8% from 2006. This was due to a marked £12m increase in operating expenses, which now stand at £65.8m.
March 06, 2008 at 10:23 AM
3 minute read
Operating profits in Mayer Brown's London and Brussels offices fell by £3.3m during 2007 to stand at £37.7m, despite an £8.9m increase in fee income to £103.5m.
The results, revealed in the US firm's limited liability partnership (LLP) filing to Companies' House earlier this month, show that profits in the international LLP, which encompasses the Brussels and London offices, fell by around 8% from 2006. This was due to a marked £12m increase in operating expenses, which now stand at £65.8m.
Over the year, the international LLP spent £4.2m on fixtures, fittings and improvements to its offices. The figure, which includes £2.2m on property, comes as the firm took on new premises in Brussels, overhauled its IT systems, and took on interim office space in London. The firm is due to move into its new City headquarters at 201 Bishopsgate in the first half of 2009.
Mayer Brown's London executive partner, Jeremy Clay, told Legal Week: "What these accounts show is us pushing the button on a phase of significant growth and investment in the business. We have started the process of getting where we want to go to as a firm in each one of our three major hubs."
Staff costs for the LLP rose £6.6m to £35.4m, with the firm taking on 21 more legal staff and an extra 16 support staff. Resulting staff costs were up 36.6m to £35.4m.
Partner numbers in the international LLP increased from 98 to 102, with around 55 partners sitting in the fixed share band. The average profit across all partners in the offices was £372,775 – down from £416,608, while profits per equity partner stood at £479,922, down from £588,000.
The highest paid partner took home £1.4m, compared to £1.1m the previous year.
The firm operates a pooling system with its US offices, which are covered under a separate Illinois LLP. The system saw the UK LLP last year shell out £4.5m, after partner pay, to its US partnership.
Despite Mayer Brown's UK LLP being named in several claims against the firm in recent times, it is not taking out further provisions to cover claims against it.
Director of Finance Jon Sedgwick commented: "We have been advised there is no need for further provisions and we have no liability for the claims against the US LLP."
The firm's US and UK partnerships have both recently filed motions to dismiss a $245m (£119.4m) lawsuit relating to the firm's advice on the 2005 collapse of futures broker Refco.
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