King & Wood Mallesons reaps City revenue rebound
Firm's London office posts rise in turnover after 11% dip last year as top earner pockets over £1m
February 05, 2016 at 10:36 AM
2 minute read
King & Wood Mallesons (KWM) saw a 13% rise in its London turnover for the 2014-15 financial year after a 11% drop last year.
The firm's City office generated £122.1m in turnover for the year ended 30 April.
Overall, the LLP primarily containing KWM's UK, Middle East and European business – legacy SJ Berwin – saw turnover increase 6% to £190.3m while operating profit grew 17.7% to £63.9m.
European revenue dropped from £65.8m to £63.3m, while in the Middle East it fell from £4.7m to £4.5m.
The firm did not publish its Asia Pacific revenue attributable to the LLP for 2014-15 but from 2012-13 to 2013-14 this halved in value from £999,000 to £455,000.
Meanwhile, the firm's top earner saw a 32% increase in pay, pocketing just over £1m up from £787,000. There were 163 members over the course of the year. Members' remuneration for 2014-15 amounted to £61.6m
Staff costs were broadly stable, rising from £69.3m to £70.5m, despite overall employee numbers falling from 901 to 877 in 2014-15 owing to a decline in support stuff.
Last month, KWM confirmed that it was considering raising partner capital contributions as part of a global strategy review aimed at improving integration within the firm. In 2014-15, partner contributions fell 22% year on year from £2.6m to £2m.
KWM is considering options to increase capital in the legacy SJ Berwin business, following repeated cash flow problems.
In October, Legal Week revealed that Legacy SJ Berwin partners had seen their August quarterly profit distribution delayed. These payments were re-started in December.
The firm's net debt sits at £15.9m, a decrease on last year's figure of £16.7m. Cash at the bank and in hand has however also decreased from £6.2m to £3.5m, although the firm's overdraft has fallen from over £2m to £296,000. It has an annually renewable bank loan facility of £20m
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