Wragges confirms 24 job cuts as LLP accounts show costs rising
Wragge & Co saw its operating expenses increase by £6.6m in the 2007-08 financial year, according to the firm's latest LLP filings. Expenses increased from £71.6m in 2007 to £78.2m in 2008, according to the firm's accounts, with a large proportion of the additional expenses coming as a result of staff costs.Staff costs grew to £44.4m for the 2007-08 financial year, up from £39.6m the previous year, with wages and salaries accounting for the biggest single cost at £38.8m and the remainder covering social security and pension costs.
December 11, 2008 at 09:53 AM
2 minute read
Wragge & Co saw its operating expenses increase by £6.6m in the 2007-08 financial year, according to the firm's latest LLP filings.
Expenses increased from £71.6m in 2007 to £78.2m in 2008, according to the firm's accounts, with a large proportion of the additional expenses coming as a result of staff costs.
Staff costs grew to £44.4m for the 2007-08 financial year, up from £39.6m the previous year, with wages and salaries accounting for the biggest single cost at £38.8m and the remainder covering social security and pension costs.
The number of staff employed by the firm increased by 43 to 1,119 during 2007-08.
The figures also reveal that the firm's highest-paid equity partner received £770,000 during the last financial year – an increase of almost £100,000 on the £665,000 made by the highest earner in 2006-07. The firm reported average profits per equity partner of £483,000.
Turnover in the audited accounts came in at £127.1m, marginally up on the unaudited figure reported earlier this year of £125.6m.
Other figures contained within the accounts include an investment of £317,000 in the firm's fledging Hong Kong office, which was established at the beginning of last year. It is headed up by UK-based intellectual property chief Gordon Harris.
Details of the accounts come as Wragges confirmed that 24 fee earners have been made redundant following a consultation. The firm launched a consultation with 30 staff members in September with 12 ultimately taking voluntary redundancy and the other half taking compulsory redundancy.
Separately, Addleshaw Goddard's latest LLP filings for 2007-08 show that the firm's cash reserves dropped by £5.5m to £11m.
Staff costs at Addleshaws grew by £9.7m to £63.9m in the last financial year, up from £54.2m in 2006-2007. Wages and salaries reached £55m for 2007-08, up from £47m the previous year, with staff numbers increasing by 68 to 1,242.
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