Nabarro reduces pension deficit as three-way merger looms
Firm slashes deficit and pays in more than £5m since April this year ahead of merger with CMS Cameron McKenna and Olswang
November 14, 2016 at 08:17 AM
2 minute read
Nabarro's pension deficit has reduced by more than 50% from £31.9m to £12.2m, according to limited liability partnership accounts for the year ending April 2016.
The accounts show that the firm, which is due to merge with CMS Cameron McKenna and Olswang on 1 May next year, paid in £4.4m into the scheme during the last financial year in a bid to clear the deficit more quickly than a 19-year recovery plan agreed in 2014.
It has also paid in £5.25m since April 2016, further speeding up efforts to deal with the deficit ahead of the forthcoming merger.
The recovery plan agreed in April 2014 was meant to see the firm pay in £1.25m each year between 2015-16 and 2018-19.
The accounts also show that the firm's highest-earning member took home £944,000 in 2015-16, down 2% from £966,000 the previous year. Key management personnel earned a collective £8m, up from £7.6m.
Meanwhile, Nabarro's lawyer headcount rose from 362 to 393 fee earners, while total staff numbers increased from 312 to 320. Staff costs stood at £47m, up around 2%. Profit before tax fell to £47,964 from £51,804.
Nabarro's merger with CMS Cameron McKenna and Olswang was first reported in September. Based on figures for Legal Week's UK Top 50 2015-16, the combined firm will have revenue of around £978m and nearly 1,000 partners. CMS, Olswang and Nabarro posted profit per equity partner of £443,000, £490,000 and £586,000 respectively in 2015-16.
Nabarro senior partner Ciaran Carvalho (pictured) said: "Despite living in a post-Brexit world, we are optimistic about results for the first half of 2016/17 too. While there is much to be done and much uncertainty at large following recent political events, we are confident that the firm will be well positioned to enter our merger with CMS and Olswang on 1 May in a position of strength."
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllNew Frontiers: Gaillard Banifatemi Shelbaya Launches in Cairo and Abu Dhabi
4 minute readTravers Gives Holiday Bonus, Ropes & Gray Reduces Time Off Allowance
1 minute readJapan’s Mori Hamada Joins Funder LCM for $150M Credit Suisse Bonds Claim
Trending Stories
- 1$83M Verdict After $100K Demand Rejected in Henry County
- 2Samsung Flooded With Galaxy Product Patent Lawsuits in Texas Federal Court
- 3How Marsh McLennan's Small But Mighty Legal Innovation Team Builds Solutions That Bring Joy
- 4On the Move and After Hours: Brach Eichler; Cooper Levenson; Marshall Dennehey; Archer; Sills Cummis
- 5Review of Ex-parte orders by the Appellate Division
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250