Freshfields accounts show more than twofold jump in partner capital contributions
Firm's LLP filing for 2013-14 shows increase in pre-tax profits and revenue alongside additional capital contributions from partners.
January 28, 2015 at 01:50 PM
2 minute read
The amount of capital introduced by members of Freshfields Bruckhaus Deringer's LLP more than doubled from £5.1m to £12.2m during the 2013-14 financial year, the firm's accounts show.
The average number of members at the firm stood at 334 for the 12-month period, with the £12.2m figure therefore equating to an average capital injection of £36,500 per member.
The firm's highest paid member took home £1.9m, including payments related to their retirement, down from £2.5m the previous financial year.
The accounts confirm consolidated revenue ticked up by 3.9%, from £1,229.4m to £1,277.8m, while profit before tax jumped by almost £100m, up from £416.6m to £514.8m. When the firm announced its financial results for 2013-14 revenue stood at £1.23bn against net profit of £578m, with PEP standing at £1.48m.
The firm did not disclose revenue for individual sectors or geographies.
Salary costs grew from £449.3m to £466.1m on the back of an increase in fee earner numbers from 2,514 to 2,573. The firm's defined contribution pension scheme in the UK cost it £5.1m last financial year, up from £4.7m in the 2012-13 financial year.
As at April last year, Freshfields had £42.9m in cash, down from £55m at April 2013.The accounts also show that the firm's auditors Deloitte received £4.1m for "other consulting services" compared with £0.6m the previous year. This was on top of Deloitte's standard audit fees.
Freshfields declined to provide an explanation for the increase in partner capital contributions or consulting fees.
A spokesperson said: "We do not comment on the financial arrangements of the firm…. From time to time we hire consultants to help us on internal projects where we value additional expertise. We do not comment on specific projects."
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