Herbert Smith's highest-earning partner took home £1.22m in 2009-10, an 8% increase on the previous year's top figure, according to the firm's limited liability partnership (LLP) accounts.

The accounts, recently filed at Companies House, also show that the firm significantly reduced net debt over the financial year – down 41% to £24.4m from £41.5m in 2008-09.

While the firm's overall number of employees remained relatively static at 2,240 – down just five from the figure of 2,245 recorded in 2008-09 – staff costs increased by 10% over the year, rising from £169.5m to £186.3m.

Breaking down the staff figures, legal adviser headcount rose by 14 to 1,224, while administrative staff headcount dropped by 19 to 1,016.

The number of members at the firm decreased by two to 186, while profit for the financial year before members' remuneration saw a slight increase to £129.7m, compared with the 2008-09 figure of £127m.

The accounts also show the firm had total bank borrowings of £59.5m at the close of the last financial year, compared with borrowings of £75.6m during 2009-09 – a drop of 21%.

Audited turnover for 2009-10 stood at £458.8m, 4% up on the previous year's figure of £441.9m.

Herbert Smith is currently gearing up for the launch of its new base in Belfast, which will handle volume disputes work. The office, which will open in April 2011, will focus on reviewing and analysing large volumes of documents from major contentious work, notably in litigation, arbitration and regulatory investigations.