SJ Berwin accounts show total staff numbers fell almost 10% in 2010-11
SJ Berwin saw staff numbers shrink by 9% during the last financial year, with the firm's 2010-11 limited liability partnership (LLP) accounts showing total staff fell from 1,002 to 914. The reduction, which saw the firm's support staff numbers reduce by 22, with lawyer count shrinking by 66 to 465, prompted total staff costs to drop by 5% to £69.5m.
January 26, 2012 at 10:15 AM
3 minute read
SJ Berwin saw staff numbers shrink by 9% during the last financial year, with the firm's 2010-11 limited liability partnership (LLP) accounts showing total staff fell from 1,002 to 914.
The reduction, which saw the firm's support staff numbers reduce by 22, with lawyer count shrinking by 66 to 465, prompted total staff costs to drop by 5% to £69.5m.
The accounts, recently filed with Companies House, show the firm's highest paid member earned £1m last year, as the firm's total operating profit rose by 22% in the 2010-11 financial year.
The payment is 24% higher than the £809,800 handed to the highest earner in 2009-10, and comes against a 27% rise in average profit per equity partner (PEP) to £626,000. The average number of members during the year declined from 164 to 154.
Fee income was up from £171m to £176m, due in part to an improvement in UK collections which increased by 4%. The £176m figure is £3m lower than the unaudited turnover figure of £179m the firm SJ Berwin posted for 2010-11 last May.
In Europe, the firm's income was broadly stable at £52.7m, down from £53.5m.
Elsewhere, after launching in Hong Kong, Shanghai and Dubai in 2009, the firm's second full trading year in the Middle East and Asia-Pacific regions saw the Dubai office bring in £2.1m, up from £617,000 last year, while Asia saw a drop in income from £796,000 to £613,000.
The accounts also show that the firm paid £3.5m off a bank loan facility that now stands at £6m.
Top 30 UK firm Taylor Wessing has also published its 2010-11 accounts, with the figures showing the firm's highest-paid member took home 20% more than the previous year at £703,000, compared with £586,000 in 2009-10.
However, Taylor Wessing's staff costs increased by 12% to £34.6m after the firm reduced staff costs by 17% the previous year through a reduction in headcount.
Total staff numbers rose slightly during 2010-11 from 476 to 485, while the average number of members decreased by two partners from 101 to 99.
The accounts also show that the firm has now paid off in full a £20m bank loan taken out to finance its office move in 2008-09. The last £5m was paid off during summer 2011.
Fee income increased from £82.2m to £88.5m and operating profit was up from £29.4m to £32.5m. Total revenue increased by 9.1% to £92.1m and PEP grew by 18.7% to £537,600.
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