Olswang's management team saw its combined pay fall by more than a third in 2015-16, as its merger partner CMS Cameron McKenna saw profit available for division among members plunge 18% during the same period, according to the firms' latest filings with Companies House.

Both firms have filed their accounts for the most recent full financial year as they gear up for their three-way merger with Nabarro on 1 May.

The filings show Olswang's management team took home a combined £5.4m during 2015-16, compared with £8.5m in 2014-15 – a drop of nearly 37%.

The team includes four designated members: chief executive Paul Stevens, senior partner Mark Devereux, Brussels managing partner Dirk Van Liedekerke and litigation partner Richard Bamforth, as well as a number of other senior members and managers. Olswang declined to comment on how the composition of this team compared with the previous year.

The accounts show Olswang made a £300,000 profit on the disposal of its Berlin office, which it sold in September 2015 to Greenberg Traurig. Total sale proceeds came to £502,000, while costs relating to net asset disposals amounted to £202,000.

The firm reported turnover from the discontinued operations of £5.6m during the year, but acknowledged the sale would have a short-term impact on revenue.

It stated: "While these changes will reduce the firm's revenues in the short term, we expect no significant impact on our business or any disruption to the implementation of our strategic plans and longer sustained growth."

Overall, Olswang's turnover fell by roughly 11% from £126m to £112m, while operating profit dropped 6% from £37.5m to £35.3m.

The firm's highest paid member was allocated £759,000, up 32% from the previous year's figure of £576,000. Total lawyer and staff numbers fell 12% from 616 to 543, with staff costs dropping 9% as a result to £38m. The average number of members fell 12% to 99 from 113.

The accounts show the firm halved its net debt from £10.6m to £5.3m during the year, with debt falling 76% in the past two years, from £22m at the end of 2013-14.

According to the accounts, Olswang previously overstated its profit before partner remuneration for the year ending April 2015 by £1.7m, with this figure corrected in the latest accounts.

Meanwhile, merger partner CMS Cameron McKenna has filed accounts that show group operating profit and profit available for division to partners both fell in 2015-16, despite a marginal increase in revenue.

Profit for division among members plunged 18% from £61.7m to £50.3m, with group operating profit falling 6% to £74.1m from £78.7m.

A spokesperson for the firm attributed the fall in profits to costs incurred as a result of a small partnership restructuring.

In a statement, the firm said: "This reported fall in profits was due to an exceptional item. We made a decision last year for a small amount of restructuring within our partnership that, under accounting conventions, required the accelerated recognition of costs that would have otherwise fallen in the next three years. Overall, our balance sheet remains healthy and our strong cash position has allowed us to repay surplus capital held in the business and end the year in a strong position."

CMS UK's highest paid partner took home £860,000 – 9% more than the 2015 figure of £788,000. Overall drawings and distributions increased by nearly 30% to £53.1m, with capital contributions from members falling from £5.6m to £2.8m.

Staff numbers for the group rose marginally to 1,633, with associated staff costs climbing to £81.7m from £79.5m. Member numbers nudged up two to 198.

The accounts show total group turnover for CMS Cameron McKenna edged up from £259.2m to £263.3m, of which the overwhelming majority – £218.8m – came from the UK. The firm made a £1.7m foreign exchange gain.