DLA Piper International's revenue falls 3%
The firm's non-US operations saw revenue fall by 3% but the partnership eliminated its debt
January 06, 2016 at 05:59 AM
2 minute read
Turnover at DLA Piper International, which encompasses all of the firm's operations outside the US, fell by 3% last year, the firm's audited accounts have shown.
The firm's accounts for the year to 30 April 2015, filed at Companies House, showed a drop in turnover from £787.6m in 2013-14 to £765.7m in the 2014-15 financial year.
The total profit for distribution among equity partners fell slightly from £270.8m to £264.3m.
Despite this, the amount of profit due to the highest-paid member of the partnership rose by almost 9%, from £1.8m in 2013-14 to £1.96m in 2014-15.
Turnover for the firm's UK arm, which is included in the international partnership, was flat at just under £282m in 2014-15.
Australia recorded the greatest regional fall in revenue, with turnover falling 8.6% from £101.4m to £92.7m.
In the Middle East, revenue increased by 14.3%, from £23.7m to £27.1m. Asian revenue rose by 1.7%, from £72.3m to £73.6m.
After slashing its net debt by 44% in 2014-15, DLA's international arm eliminated it last year. It began the 2014-15 financial year with net debt of £18.2m but ended it with £269,000 cash in the bank.
The firm's average fee earner headcount for the international partnership dropped from 2,107 to 2,036, a fall of 3%. Its average number of partners fell by 4.5% from 714 to 682.
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