Macfarlanes partners upped capital contributions by 13% last year, accounts show
Macfarlanes partners stumped up an extra 13% in capital contributions last financial year, according to the firm's limited liability partnership (LLP) accounts, filed with Companies House this week.
November 26, 2014 at 07:13 PM
2 minute read
Macfarlanes partners stumped up an extra 13% in capital contributions last financial year, according to the firm's limited liability partnership (LLP) accounts, filed with Companies House this week.
On average, each of Macfarlanes' 78 partners contributed £23,153, up from £20,422 for the year ending April 2013.
Total capital contributions from Macfarlanes partners jumped 20% last financial year, from £1.45m to £1.81m, on the back of an increase in partner numbers at the firm, which took on seven extra partners over the period, a 9.9% increase.
The highest paid member of the LLP took home £1.52m, up 10% on 2012/13′s figure of £1.39m. That ammount is still down 30% from its 2010/11 level of £2.2m, however.
Average profit per equity partner hit a six-year high of £1.19m, up 21% on 2013-14. Revenue also grew more than 20% to £139.7m, and net profit by 30% to £64.6m.
The accounts further show that loans and other debts due to members grew £7m to £26.5m, an increase of around 38% on the previous year. The firm said this was reflective of an improvement in fixed capital, tax reserves and current account positions after a successful year for Macfarlanes.
Macfarlanes lawyers also doubled the number of recorded hours on pro bono related projects from 1,300 in 2012/13 to 2,600 last financial year. Combined, charitable donations by Macfarlanes and its subsidiaries rose six fold, now totalling £15,159.
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