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International Edition

Olswang accounts reveal extent of debt reduction and headcount cutbacks

Olswang reduced its net debt by more than 20% during the last financial year, according to the firm's first limited liability partnership (LLP) filings. The UK top 50 firm saw total debt drop from just under £13.5m in 2009 down to just under £10.5m for the year ending 30 April 2010, according to filings with Companies House, with cash in hand and at the bank increasing to £4.7m, up from £337,000 the previous year. The filings also show that Oslwang reduced its professional and administrative staff headcount by nearly 11% over the year, with total staff numbers dropping from 542 to 484 as a result of cost-saving measures, with staff costs falling from £36.3m to £31.5m as a result.
2 minute read

International Edition

Maclays LLPs reveal 80% drop in net debt and 11% partnership reduction

Maclay Murray & Spens reduced its net debt by more than 80% during the last financial year, according to the firm's latest limited liability partnership (LLP) filings. During 2009-10 the big four Scots firm saw net debt come down from £3.4m to £547,000 by the firm's year end of 31 May, according to the filings with Companies House. Cash at the bank and in hand increased to £935,000, up from £199,000 the previous year.
2 minute read

International Edition

White & Case City office sees firmwide costs share rise 60%

White & Case's London office was charged around £7.4m towards running the firm in 2009 by New York - an increase of nearly 60% on the previous year. The US firm's UK limited liability partnership (LLP) accounts for 2009 show the London office paid out in excess of £7.4m in contributions towards its share of joint costs, up from slightly less than £4.7m in 2009.
2 minute read

International Edition

Simmons confirms conversion to LLP status

Simmons & Simmons has converted to a limited liability partnership (LLP) becoming one of the last firms among the UK top 20 to do so. Simmons is a late adopter of the legal structure among the UK's top firms after previously postponing a conversion in the hope that the firm's Hong Kong office would be allowed to be included in the structure. Simmons has now chosen to set up the LLP with a separate Hong Kong structure, with Hong Kong regulators still working on proposals to permit LLPs in the region.
2 minute read

International Edition

City LLPs reveal mixed fortunes for European firms in London

A trio of international firms have filed their London limited liability partnership (LLP) accounts for 2009, revealing differing fortunes for foreign practices in the City. France's Gide Loyrette Nouel saw revenues fall by 51% from £18.3m to £9m in 2009, with UK income contributing just £2.9m, down from £9.4m in 2008. Inbound work from outside of Europe handled by the City office saw a slight increase to £2.1m, with major roles for the firm's London base including acting for the Government of India on its $2.2bn (£1.4bn) initial public offering of the National Mineral Development Corporation.
3 minute read

International Edition

Addleshaws LLPs reveal £15.6m partner cash call and £14.5m loan

Addleshaw Goddard took out a £14.5m loan and asked partners to contribute £15.6m to the business during the past financial year, the firm's limited liability partnership (LLP) filings have revealed. The figure of £15.6m put into the business compares to a total of just £1.2m contributed by the partnership during 2008-09.
2 minute read

International Edition

Travers accounts reveal 40% cash drop-off amid corporate slowdown

Travers Smith saw cash reserves drop by more than 40% during the last financial year, according to the firm's first limited liability partnership (LLP) accounts. During 2008-09 the UK top 50 firm saw cash at the bank and in hand drop to £9.6m, down from £16.3m in the previous financial year. Operating profits fell by 44% to £21.3m, while overall profit for the financial year stood at £22.2m.
2 minute read

International Edition

Charles Russell accounts reveal £14m cost of London office move

Charles Russell spent £14m on its new City office during the last financial year, with the firm taking out an £11m bank loan to help finance the move. The investment is detailed within the firm's 2008-09 limited liability partnership (LLP) accounts, recently filed with Companies House.
2 minute read

International Edition

Freshfields LLPs show £3.3m partner payout

Freshfields Bruckhaus Deringer's top-earning partner made more than £3m last year, despite the firm seeing a slight dip in profits per equity partner (PEP). The firm's first limited liability partnership (LLP) filings with Companies House show the highest-paid member took home £3.3m in the 2008-09 financial year, compared with £2.7m the previous year.
2 minute read

International Edition

Lovells LLP accounts show European offices outperforming UK base

Lovells' Continental Europe practice outperformed the firm's London base for the first time last year, the firm's limited liability partnership accounts have revealed. The firm's annual report, published today (26 January) shows that Lovells' continental Europe offices accounted for 43% of the firm's total billings of £227.5m during 2008-09, ahead of London, which contributed £225m.
2 minute read

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