Hammonds reduced its net debt by more than 30% during the last financial year, according to the firm's latest limited liability partnership (LLP) filings.

The national firm saw net debt come down from £15.1m at the end of the 2008-09 financial year to £10.3m by 30 April 2010, according to the filings with Companies House. The decrease in debt comes after last year's filings showed net debt more than tripled to reach the £15.1m figure. Operating profit increased from £31.4m to £35.7m over the same period.

The highest paid member made £499,610 – a 47% increase on the £338,916 profit attributable to the member with the largest entitlement in 2009.

The filings also show Hammonds saw its equity partnership reduce by 18% to an average of 62 during 2010, down from 76 the previous year. Fixed share equity members increased from 87 to 105 members.

Meanwhile fee earner headcount increased by 14 to 459, while trainee numbers reduced to 81 from 101 the previous year, with support staff declining 536 to 475.

This resulted in staff costs decreasing by 13% to £50.1m for the 2009-10 financial year.

Meanwhile, geographically the firm experienced a drop in both turnover and operating profit for its Continental European offices with the former dropping by 7.9% to £23.1m and the later dropping by 46% to £3.6m.

The UK saw turnover drop by 4.8% to £91.6m but operating profit increased by 22.1% to £30.2m.

Asia saw turnover increase to £4m from £3.1m the previous year, with the practice making a profit of £1.9m having made a loss the previous year. However, the growth comes as Hammonds' six-partner Hong Kong arm prepares to split from the firm in the wake of its merger agreement with Squire Sanders & Dempsey, which is set to go live on 1 January 2011.