Norton Rose Fulbright reduced its net debt by £18.6m during the 2012-13 financial year, according to the firm's latest limited liability partnership (LLP) accounts.

The report, filed with Companies House, showed that overall net debt dropped from £26.1m to £7.5m. The decrease occurred alongside an increase in debt due within one year, which grew from £3.3m at the end of 2012 to £16m.

Cash reserves meanwhile more than doubled, with cash at bank and in hand growing from £21.8m to £47.8m, marking a 119% increase on the previous year.

The firm's turnover for the year was £379.7m, up 3.5% on 2011-12 when it posted an equivalent of £366.7m. Fee income rose by a similar percentage to £367.8m. The firm's profits also significantly improved, with profit for the limited liability partnership increasing 23% to £95.4m.

Operating profit increased by a similar percentage (22%) from £87.3m to £106.9m, while profit available for division among the firm's members grew 19% to £96.7m.

The highest paid partner at the firm took home £1.21m during 2012-13, up 18.6% on the previous year when the top earner pocketed £1.02m.

The average number of members increased from 224 to 228. Contributions by members during the year rose to £15.5m compared with an equivalent of £9m in 2011-12.

Average fee earner headcount dipped by 6.9% from 1,061 to 988, alongside a fall in business services staff count, which slid from 1,063 to 1,046.

Overall staff numbers also decreased by 4.2% to 2,034. In turn, wage and salary costs were down 3.9% from £152.4m to £146.5m.

Last summer the firm reported a 4% increase in global turnover after seeing income rise to $1.334bn (£814m) during 2012-13.

The figure covers all of the Norton Rose Group's four separate profit centres – Norton Rose LLP (which includes Europe, the Middle East and Asia), Norton Rose Australia, Norton Rose Canada and Norton Rose South Africa, which operate under a Swiss verein structure.

The firm's combination with Texas firm Fulbright & Jaworski took effect on June 2013.