LG repaid almost half of its £9.6m worth of loans during 2010-11 due to "continued positive cashflow", according to the firm's latest limited liability partnership (LLP) accounts.

The Companies House filings show that LG paid back £4.1m of its loans and overdrafts, which had been largely used to fund the property refurbishment carried out when the firm moved to its London Bridge offices in 2007, reducing its debt to £5.5m.

Other details in the accounts that show the firm's cash in hand at the bank fell from £4.5m in May 2010 to £1.2m in April 2011.

The filing shows that LG's UK arm accounted for 97% of the firm's total turnover of £56.1m, with the remaining 3% of revenue – £1.9m – generated by its international operations in Monaco, Dubai and Moscow.

LG managing partner Hugh Maule (pictured) said: "We were pleased with the year taking into consideration the tough economic conditions and we are continuing to invest in our core areas: real estate, dispute resolution, corporate, finance and private capital.

"We are also continuing to look at our international opportunities and hope to have some exciting developments this year."

The number of administrative staff at the firm decreased from 157 in 2010 to 140 in 2011, while lawyer count fell from 194 to 185 and the number of UK partners dropped from 75 to 70.

The LLP accounts also show that the highest-paid partner took home £702,000 last year, a marginal increase of 1% on the £695,000 handed to the best-paid partner in 2009-10.

LG saw turnover fall 10% in 2010-11 to £58m, down from £64.5m the previous year, while profits per equity partner also dropped by 10% to £412,000 last year, down from £460,000.