Irwin Mitchell LLP paid £5.8m of its profits into Irwin Mitchell Holdings, the company it set up as part of plans to restructure as an Alternative Business Structure (ABS), according to limited liability (LLP) accounts recently filed with Companies House.

The accounts state that the profit share attributable to the highest paid member was £5.8m compared with £1.36m the previous year. However, the figure relates to a payment to Irwin Mitchell Holdings, which gained control of the LLP in April 2011, rather than an individual.

The money is being retained within the business to fund growth plans.

Irwin Mitchell has applied to the Solicitors Regulation Authority and is expecting to convert in the coming months once it receives its licence.

The top 20 law firm's accounts also show that the firm's turnover climbed from £157.1m to £184.1m, higher than the £171.8m figure reported in the UK top 50 higher earlier this year, while operating profit increased from £30m to £41.8m. Profit available for discretionary division among members climbed from £29.8m to £40.7m, with the number of members rising from 53 to 57.

Payroll costs jumped from £63.8m to £70m, with the firm gaining 75 fee-earners and 28 staff over the year to take total employees to 2,123.

Capital introductions increased from £1m to £2m.

A spokesman commented: "With our new two tier structure, which includes both a limited liability partnership (LLP) and a corporate entity, the corporate member receives a share of profits from the LLP. The £5.8m is retained within the business to fund our growth plans."

Separately, recently filed LLP accounts for the UK operations of Squire Sanders show a reduction in the firm's partner numbers, with equity partner count dropping from 62 to 52, and fixed share members moving from 105 to 96. The highest-paid member took home £500,360, up slightly on last year's figure of £499,610.

Staff costs hit £53.9m compared with £50.1m the previous year, with total staff numbers increasing marginally from 1,015 to 1,034.

The accounts confirm turnover for 2010-11 stood at £117.9m, compared with £118.8m the previous year, with operating profit falling marginally to £34.5m.

The accounts show the impact of the departure of legacy Hammonds' Hong Kong partnership, which demerged from the firm on 31 December 2010. With only eight months income included from Hong Kong, Asia revenue fell to £2.8m from £4m, the UK brought in £94.2m, with Continental Europe making up £20.9m of the fee income.

Profit available for discretionary division among members stood at £31.6m compared with £33m the previous year.

The firm's net debt at 30 April stood at £6.1m compared with £10.3m in 2010-11, with cash at bank and in hand climbing marginally to £6m. Bank loans and overdrafts reduced from £15.8m to £12.1m.