DLA Piper accounts show rise in capital contributions as net debt falls
DLA Piper's international partnership saw capital contributions by members more than double to £47.7m in 2012-13, according to its latest limited liability partnership (LLP) accounts. The accounts for DLA Piper International, cover the firm's operations outside the US, and reflect a move to an all-equity partnership from May 2012. They show capital contributions increased to nearly £48m compared with £22.4m the previous year, with the rise coming as equity partner numbers outside the US grew from 246 to 733 over the same period as a result of the all-equity move. The filings show the firm still had an average of 19 non-equity members working across the international business during 2013.
February 04, 2014 at 08:04 AM
2 minute read
DLA Piper's international partnership saw capital contributions by members more than double to £47.7m in 2012-13, according to its latest limited liability partnership (LLP) accounts.
The accounts for DLA Piper International, cover the firm's operations outside the US, and reflect a move to an all-equity partnership from May 2012.
They show capital contributions increased to nearly £48m compared with £22.4m the previous year, with the rise coming as equity partner numbers outside the US grew from 246 to 733 over the same period as a result of the all-equity move. The filings show the firm still had an average of 19 non-equity members working across the international business during 2013.
Overall turnover across the group, including joint ventures, climbed by 1.5% to £800.4m, with Asia Pacific and Continental Europe seeing revenues rise by 4% to £210.2m and £290.1m respectively, while Middle East group revenue climbed by 15.5% to £21.6m. In contrast, revenue in the UK fell by 3.4% from £287.3m in 2012 to £277.5m. The highest paid member received £1.8m, up marginally on the previous year.
The accounts also show a rise in staff costs from £280.1m to £293.6m, against a slight drop in total staff numbers from 5,075 to 5,018. Net debt fell from £47.5m to £32.4m, with group operating profit and profit available for division among members also falling slightly.
Legal Week reported in July 2013 that profit per equity partner had grown from £596,000 to £674,000 based on results announced by the firm for the 2012 calendar year.
Meanwhile, accounts for Irwin Mitchell's limited liability partnership showed revenues grew to £192.3m in 2012/13.
The filings do not reflect total takings for the Irwin Mitchell group, which broke the £200m barrier last year, and includes earnings from debt collection agency Ascent and claims handling company Coris.
Also detailed in the LLP accounts are a 6% fall in employee numbers, including a 2.5% drop in fee earners to 1,181 and an 11% cut in administrative staff to 741. As a result, aggregate payroll costs fell by almost 10% to £67.85m.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllSimpson Thacher, Kirkland and Latham Maintain Lead in UK Revenue Per Lawyer Rankings
US Firms Rising? The Law Firms with the Largest UK Market Share, 2024
Trending Stories
- 1Gibson Dunn Sued By Crypto Client After Lateral Hire Causes Conflict of Interest
- 2Trump's Solicitor General Expected to 'Flip' Prelogar's Positions at Supreme Court
- 3Pharmacy Lawyers See Promise in NY Regulator's Curbs on PBM Industry
- 4Outgoing USPTO Director Kathi Vidal: ‘We All Want the Country to Be in a Better Place’
- 5Supreme Court Will Review Constitutionality Of FCC's Universal Service Fund
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250