Clifford Chance's (CC) top management team saw their total remuneration increase by almost 40% last year, according to the firm's latest limited liability partnership (LLP)  accounts.

The accounts, filed with Companies House last week, show that in 2017-18, the 13 members of the magic circle firm's executive leadership group (ELG) were paid a combined total of £22m, up 37.5% from 2016-17′s equivalent figure of £16m.

The number of individuals on the leadership group was unchanged on 2016-17. Last year, pay for the ELG increased by £1m to £16m, although that was attributable to an increase in the size of the group from 12 to 13 members.

The LLPs show that the profit share for the firm's top earner remained flat on last year at £3m, while total staff costs rose by 2% from £693m to £707m.

The increase in staff costs came despite a 6% fall in the average number of associates and fee-earners employed by the firm, down from 2,262 to 2,135. The average number of partners also fell, dropping by 10 to 558.

The accounts also reveal that net cash fell by more than 15% during the year, down from £249m to £214m at the end of 2017-18. The firm acknowledged that this was "an area of increased focus" and said that it was "targeting improvements".

In the accounts, the firm said the results reflected "a third year of strong financial performance", during which net profit has risen by more than 40%.

CC posted a 5% increase in global revenue to £1.62bn last summer, alongside a 16% rise in PEP to £1.6m. The accounts cited the firm's performance in the Americas – "a key strategic priority for the firm" – as one of the key drivers for the revenue growth.

Last December, managing partner Matthew Layton was re-elected to head the firm for another four-year term, while Amsterdam head Jeroen Ouwehand recently saw off competition from four other partners to succeed Malcolm Sweeting as senior partner from January.