Herbert Smith Freehills (HSF) saw revenue dip slightly during 2014-15 due to currency fluctuations, the firm's global limited liability partnership (LLP) accounts have revealed.

Last year, the firm reported a 2% rise in revenue from £800m to £815m on a constant currency basis.

However, the LLP accounts filed at Companies House yesterday (3 February) show a 2014-15 revenue figure of £793.4m, down 0.4% on 2013-14's equivalent of £796.9m.

The accounts state that "the reported performance of the group in sterling for the year has been impacted with the weakening of the euro and Australian dollar", adding that reporting on a constant currency basis "presents most accurately the underlying operational performance of the group".

The accounts show that while the average number of people employed by the firm fell from 3,942 to 3,892, total salaries increased by 1.6% from £304.8m to £309.7m. The member with the highest remuneration received £1.8m, up from last year's figure of £1.5m.

The firm's global executive committee - which comprises the joint CEOs, CFO, global head of business services and regional and practice leaders - saw a 17.5% fall in their share of profits and salaries last year, down from £9.4m to £8m. The drop comes after the firm revamped the leadership team last year, reducing the number of members from 13 to 11.

In a statement, HSF said that all its practice areas had a strong year and that it had made "significant progress" in Germany. The firm launched in Frankfurt and Berlin in 2013 and in November last year announced it would launch its third German office in Duesseldorf later this year.

Meanwhile, Taylor Wessing's LLP accounts, also filed yesterday, have revealed that the firm's top earner received over £1m in 2014-15. The firm's top earner took home £1.1m, a rise of 15% on the top figure of £958,000 the previous year.

The accounts show Taylor Wessing's UK revenue rose by 7% from £109.9m to £117.8m, while net profit jumped 14% from £44m to £50m, and the firm's cash reserves in the bank rose from £6.6m to £11.7m.

Herbert Smith Freehills (HSF) saw revenue dip slightly during 2014-15 due to currency fluctuations, the firm's global limited liability partnership (LLP) accounts have revealed.

Last year, the firm reported a 2% rise in revenue from £800m to £815m on a constant currency basis.

However, the LLP accounts filed at Companies House yesterday (3 February) show a 2014-15 revenue figure of £793.4m, down 0.4% on 2013-14's equivalent of £796.9m.

The accounts state that "the reported performance of the group in sterling for the year has been impacted with the weakening of the euro and Australian dollar", adding that reporting on a constant currency basis "presents most accurately the underlying operational performance of the group".

The accounts show that while the average number of people employed by the firm fell from 3,942 to 3,892, total salaries increased by 1.6% from £304.8m to £309.7m. The member with the highest remuneration received £1.8m, up from last year's figure of £1.5m.

The firm's global executive committee - which comprises the joint CEOs, CFO, global head of business services and regional and practice leaders - saw a 17.5% fall in their share of profits and salaries last year, down from £9.4m to £8m. The drop comes after the firm revamped the leadership team last year, reducing the number of members from 13 to 11.

In a statement, HSF said that all its practice areas had a strong year and that it had made "significant progress" in Germany. The firm launched in Frankfurt and Berlin in 2013 and in November last year announced it would launch its third German office in Duesseldorf later this year.

Meanwhile, Taylor Wessing's LLP accounts, also filed yesterday, have revealed that the firm's top earner received over £1m in 2014-15. The firm's top earner took home £1.1m, a rise of 15% on the top figure of £958,000 the previous year.

The accounts show Taylor Wessing's UK revenue rose by 7% from £109.9m to £117.8m, while net profit jumped 14% from £44m to £50m, and the firm's cash reserves in the bank rose from £6.6m to £11.7m.