Freshfields Bruckhaus Deringer's top-earning partner made more than £3m last year, despite the firm seeing a slight dip in profits per equity partner (PEP).

The firm's first limited liability partnership (LLP) filings with Companies House show the highest-paid member took home £3.3m in the 2008-09 financial year, compared with £2.7m the previous year.

Freshfields explained the increase, which came despite average PEP falling by just under 1% to £1.4m last year, by stating that the £3.3m figure included retirement payments as well as standard profit share. Total profit available to distribute to members was down by 21% to £523.1m, compared to £660.8m the year before.

The accounts also show that the firm's salary and staff costs increased over the year from a total of £426.2m in 2007-08 to £481m in 2008-09. Of this figure, salaries accounted for £404.9m in 2009, up from £358.8m the previous year.

Staff numbers also increased marginally during the year, with total staff in 2008 standing at 4,901 – up from 4,872 the previous year.

The firm had £147m of net cash at 30 April 2009, while growing its bank overdraft for the consolidated firm to £3.4m in 2008 compared to just £800,000 in 2008.

Freshfields converted to an LLP from 1 May 2008.

Magic circle rival Linklaters' LLP filings in December showed the firm's highest-paid member took home £2.5m in the 2008-09 financial year – a drop of almost £1m on the previous year's figure of £3.4m.