BLP pays £6.25m for 50% stake in Australian contract lawyer business as top earner pay dips
BLP pays out millions for stake in AdventBalance which merged with its spinoff business LOD last year
January 18, 2017 at 08:44 AM
2 minute read
Berwin Leighton Paisner (BLP) spent £6.25m acquiring a 50% stake in Asia-Pacific contract lawyer business AdventBalance, according to the firm's latest account filings with Companies House.
The filings show BLP now holds a 64% stake in the newly formed LOD Global business, which has been created through the combination of AdventBalance with its existing LOD contract lawyer business.
BLP acquired the stake in March last year, when LOD merged with the company. When BLP first approved the spinoff of LOD in 2012, it owned an 80% stake in the business.
The accounts show that the profit share of BLP's highest paid member fell slightly from £1.54m to £1.51m, with the total compensation paid to key management personnel rising marginally to £12.7m from £12.4m.
Profits before members' remuneration fell 2% to £74.25m, with operating profit falling 3% to £76.06m. These figures came alongside a 2% dip in fee income from £259.2m to £253.9m.
The accounts show that staff costs dropped from £108.2m to £107.8m, as total staff numbers fell from 1,245 to 1,237.
The average number of members rose slightly from 163 to 164.
Other information contained within the accounts includes a £3.9m bank overdraft reducing cash in the bank to £6.04m, as well as related party purchases of £1.29m from LOD and sales of £669,979 to LOD.
Last year, BLP called off merger talks with US firm Greenberg Traurig. The firms were revealed to be in discussions in February 2016.
It is understood that a clash of working cultures and vastly differing pay systems were at the centre of the collapse of the talks.
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