Irwin Mitchell's highest paid director took home more than £1m in 2013-14 according to group accounts, as the firm slashed net debt from £13.5m to £713,000.

Accounts filed with Companies House show the firm's director remuneration rose by more than 10% to £3.23m, with £1.2m of this awarded to the highest paid member.

In the 2012-13  financial year, a total of £2.9m was paid out, with only £787,000 going to the highest paid director. The accounts list the directors serving during the year as Niall Baker, Glyn Barker, Melvyn Egglenton, Craig Marshall (appointed May 2014), Andrew Merrick, John Pickering (retired April 2014) and Andrew Tucker. 

Overall group revenues ticked up 1% from £200.3m to £202.7m, but operating profit fell from £19.3m to £17.8m. According to the group directors' report, "profit before tax has reduced due to a combination of law reform and continued investment in developing the business through recruitment, acquisition" and new office openings.

The accounts show Irwin Mitchell paid off some £13m in debt, reducing its net burden  to £713,000.

Overall wages and salary costs dropped nearly 9%, from £63.7m to £58.3m, with fee earner numbers climbing from 1,198 to 1,256 while administrative staff numbers dropped from  823 to 801.

Money owed to the firm by its debtors more than doubled from £13.4m to £29m. The principal risk facing the group, according to the directors, continues to be from reforms in the personal injury market.

The accounts also reveal the cost of the firm's acquisition of MPH Solicitors in November 2013. The consideration comprised an issue of 322,581 shares in Irwin Mitchell at £3.10 apiece, a cash consideration of £3.8m, deferred consideration of 322,581 ordinary shares and a further £1m cash consideration.