Addleshaw Goddard's net debt climbed to £17.5m during the last financial year, according to accounts filed with Companies House which also show operating profit falling 4%, despite a slight uptick in turnover.

The firm's accounts show net debt climbed 22% during the year ending 30 April 2014 from £14.3m to £17.5m, with the firm having drawn down £18m of bank loans compared with £17m the previous year.

At 1 May 2014 net debt stood at £14.3m compared with £12.1m the previous year.

The accounts for the firm's UK operations show the firm reported operating profit of £52.1m, down from £54.3m in the 2012-13 financial year. Turnover climbed 1.7%, from £164.4m to £167.2m, but this was offset by a £5m increase in total operating expenses, up to £115.1m from £110.1m. 

Total staff costs rose from £55.2m to £57m as the number of fee earners at the firm increased from 595 to 641 and the number of support staff rose from 383 to 401.

The highest paid partner received £558,564, excluding retirement provisions, down from £583,173 the previous financial year.

Capital contributions from partners dropped from £6.1m to £5.6m.

The firm's unaudited results for 2013-14 announced earlier this year put full firm revenue at £171.4m against a 14.2% dip in profit per equity partner to £392,000.

The accounts also list a £1.37m operating charge for expense payments to alliance firms Francis & Co (Hong Kong) and a further £566,000 in expense payments to Nasser Al Habsi & Saif Al Mamari Law Firm (Oman).

CMS Cameron McKenna also released its accounts for the 2013-2014 financial year this week, showing a more than 10-fold increase in cash at bank and in hand, which grew from £2.6m to £27.9m prior to its merger with Dundas & Wilson in May 2014.

The highest paid member of the LLP received £1.27m, including an early retirement provision of £593,000, up from the highest package in the 2013 financial year of £1.1m.