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International Edition

Well-run LLPs should allow compulsory retirement ages to bow out gracefully

"The fundamental question facing partnerships and LLPs is whether forcing a person to retire at a specified age suits their business. Compulsory retirement ages may well be otiose when a firm has a well-drafted partnership or members agreement..."
5 minute read

International Edition

Former Halliwells partners set to join Gateley's English LLP

Gateley is set to bring the former Halliwells partners it hired in July 2010 into the firm's main limited liability partnership (LLP) from the start of the new financial year.
2 minute read

International Edition

Kennedys accounts highlight rapid expansion as equity ranks grow 30%

Kennedys saw staff wages and salaries rise 18% during 2010-11 after substantial expansion which saw the firm add 15 equity partners and boost staff count by almost 100. The figures, included in accounts recently filed on Companies House, show the number of equity partners at the firm increased 30% from 50 to 65 in 2010-11, with the payout for the highest earner subsequently falling 22% to £541,739 from the previous year's top figure of £696,981.
2 minute read

International Edition

Travers accounts show pay for top earner rose 25% in 2010-11

Travers Smith's highest-paid partner took home £1.3m last year, marking a 25% increase on the largest payout in 2009-10. The figures, included in the firm's limited liability partnership (LLP) accounts recently filed on Companies House, show that the highest-paid partner received £258,000 more in 2010-11 than the £1.04m paid out the previous year.
2 minute read

International Edition

Bakers accounts show 8% City profits dip as top earner makes £872k

Baker & McKenzie's London office has posted an 8% drop in profits available for distribution during the 2010-11 financial year, with the highest earner in the firm's City arm taking home £872,000.
2 minute read

International Edition

Pinsents LLPs: £9m property charge and £25m incentive for London move

Pinsents Masons' incurred a one-off property charge of £9m in 2010-11, cutting profit available for discretionary division between partners from £63.3m to £54.3m according to limited liability partnership(LLP) accounts recently filed with Companies House.
2 minute read

International Edition

Irwin Mitchell LLPs highlight ABS shake-up as Squire Sanders top earner makes £500k

Irwin Mitchell LLP paid £5.8m of its profits into Irwin Mitchell Holdings, the company it set up as part of plans to restructure as an Alternative Business Structure (ABS), according to limited liability (LLP) accounts recently filed with Companies House.
3 minute read

International Edition

Gateley LLPs shed light on Halliwells acquisition as top pay figure falls 50%

Gateley's highest-paid partner took home £379,728 in 2010-11, less than half the £802,177 pay packet of the previous year's top earner, according to the firm's English limited liability partnership (LLP) accounts. A spokesperson said the substantial drop was due to two "significant deals" led by one partner that completed before the end of 2009-10, which the firm described as "an exceptional and stand-out year for business".
3 minute read

International Edition

Ashurst LLPs: staff costs rise £5m as top earner takes home £1.05m

Ashurst saw a £5m increase in staff costs during 2010-11 against a 2% drop in staff count, according to the firm's limited liability partnership (LLP) accounts. The accounts, recently filed on Companies House, show staff costs rose to £127.8m last year, up from £122.3m in 2009-10. Over the same period, total legal and support staff headcount fell from 1,634 to 1,602. The firm attributed the increase in staff costs to a rise in the number of partners outside the UK treated as salaried partners under the LLP for accountancy reasons.
2 minute read

International Edition

SNR Denton UK LLPs highlight falling profits and Turkey restructuring

SNR Denton saw profit before tax shrink by around 40% last year across its operations outside the US, with the firm's latest limited liability partnership (LLP) accounts showing a fall in profit from £37.9m to £22.5m. The transatlantic firm's UK LLP accounts, which cover operations across the UK, Europe, the Middle East and Asia, show profit available for discretionary division fell from £6.2m to £615,000, against a slump in audited turnover from £166m to £152.5m.
3 minute read

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