Simmons & Simmons' highest paid member pocketed earnings of £1m in 2013-14, 25% up on the previous year's top figure of £800,000.

Limited liability partnership (LLP) accounts filed with Companies House also showed the firm brought in turnover of £268.6m during the year, up 7% on the previous year's equivalent of £250.5m.

Simmons attributed the uptick to a "recovery of business levels" as well as factoring in office launches in Singapore, launched earlier this year, and Munich, which opened in March 2013, as well as expansion in its low-cost base in Bristol.

The accounts also reveal that the partnership has posted a pension scheme deficit of £10.2m, only marginally improving on last year's equivalent of £10.3m but remaining significantly down on 2011-12 levels when the LLP recorded a deficit of £4.4m.

During 2013-14 Simmons used 18% of its net assets, worth £58m in total, to cover its pension scheme deficit.

The firm released a deferred tax asset of £2.28m during the year in relation to the deficit, ahead of transferring its UK employee pension schemes from its separate service company to the LLP, which took effect at the start of 2014-15. Simmons states in the report that it does not expect there will be adequate profits in future to recover the asset.

Simmons finance director David McLaughlin said: "Changes proposed by HMRC resulted in the firm deciding to close the service company and transfer assets and liabilities back to the LLP.

"One consequence of this transfer was that the deferred tax asset which was recognised in 2012/13 in the service company could no longer be supported as the service company would not have any future profits and the LLP could not recognise the asset (as the LLP is transparent for tax purposes). The movements were of a purely balance sheet provisioning nature and were not taken into account in the determination of distributable profits."

Several LLPs are thought to have made similar arrangements in light of new rules announced last autumn by HMRC, which aims to restrict the scope for income tax advantages generated by UK transfer pricing rules.

Simmons' Companies House filing also states that average profit per equity partner (PEP) increased 5.4% during the year, in line with figures reported earlier this summer when Simmons confirmed PEP grew by 5.5% to £554,000. Operating profit grew 12.5% to £77.2m, while profit available for division among LLP members rose by a similar percentage to £62.3m.

By practice, the financial markets team contributed £104.3m to account for 38.8% of firmwide revenue, followed by disputes which brought in £82.5m, or 30.7%, of the firm's business. Corporate and commercial amounted to 22% (£59.6m) of revenue, while employment accounted for 8.3% (£22.2m).

Simmons has also reduced debt by £8m in relation to its revolving capital loan facility, which amounted to £40m for 2013-14. The business, which is mainly financed through partner revolving capital loans structured as a single facility, said it has tightened its grip on lock-up management during the year in a bid to reduce borrowing costs as well as the extent to which its revolving partner capital loan is drawn. Unbilled revenue at the firm decreased year on year from £6.2m to £5m.

Meanwhile total headcount numbers expanded from 1,363 to 1,428, with the numbers of fixed and full-equity members of the LLP increasing respectively to 52 (up 30%) and 114 (up 8.6%).

The number of fee earning staff grew from 578 to 593 and total staff count increased by 44 to 1,262. Staff costs have in turn risen to £112.4m from £108.3m, including an increase of 3.6% in wages and salaries to £101.4m.

The firm has also said it has been developing new finance and HR systems that are being implemented in the current financial year.

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