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International Edition

Dechert LLPs highlight 2008 UK revenue drop-off as international offices hold steady

Dechert's LLP accounts have revealed that the firm's UK office saw a £9m drop in fee income during 2008, against a slight increase in turnover for its international network. Over the year the international firm's London base brought in £21.1m in fee income, a decrease on the office's 2007 performance of £30.5m.
2 minute read

International Edition

Addleshaws LLP accounts reveal £20.9m costs of new London base

Addleshaw Goddard spent £20.9m fitting out its new London office in Milton Gate, the firm's limited liability partnership (LLP) filings have revealed. According to the filings with Companies House, the national firm took out a £5.5m loan in order to help fund the process of setting up the new flagship office.
2 minute read

International Edition

Nabarro LLPs reveal £5m increase in partner cash contributions

Nabarro boosted its capital by £5m during the 2008-09 financial year after turning to the partnership to inject extra cash into the business. Figures contained within the firm's limited liability partnership (LLP) accounts show that partners contributed £16m into the business during the last financial year, up from the total of £11m the firm received from partners in 2007-08.
2 minute read

International Edition

Herbert Smith LLPs reveal £5m increase in bank borrowings

Herbert Smith saw its total bank borrowings increase by £5m during 2008-09 according to its most recent limited liability partnership (LLP) accounts. The top 10 City firm's LLP accounts, recently filed with Companies House, show the firm had total bank borrowings of £75.6m at the close of the last financial year, compared with borrowings of £70.3m during 2008. The firm's bank overdraft and loans due within the year increased to £23.7m from £14.9m.
2 minute read

International Edition

LLP filings show nearly 400 partners left UK top 20 firms in 2009

The UK's top 20 law firms have seen nearly 400 partners leave since the beginning of 2009, with Clifford Chance (CC), Eversheds and Allen & Overy (A&O) topping the departure rankings. Limited liability partnership (LLP) filings with Companies House show that 384 partners have left the UK's largest 20 firms by revenue since 1 January – in a year in which many firms have been actively restructuring their partnerships and managing out partners. This figure rises to 496 including partners resigning from the LLP but remaining with the firms as consultants or offices outside the LLP.
2 minute read

International Edition

Reed Smith LLP accounts show £4m cost from Midlands split-off

Reed Smith is to pay nearly £4m for the disposal of its Birmingham office and is committed to paying out more than £11m to fit out its new office space in London, according to its 2008 limited liability partnership (LLP) accounts. The accounts show the US law firm estimates the Midlands disposal will cost £3.86m. Reed Smith said in October 2008 that it was spinning the office off into a new, independent firm called Hill Hofstetter. The office launched in January 2009 and is led by former Reed Smith Birmingham head Chris Hill.
2 minute read

International Edition

A&O's annual LLP report reveals £40m fall in cash reserves

Allen & Overy's (A&O's) limited liability partnership (LLP) cash reserves dipped by £40m during the last financial year as a result of the magic circle law firm's restructuring. Details of the LLP's cashflow contained within A&O's annual report show £31.7m in the bank at the end of April 2009, compared with £72.4m at the same date the previous year.
2 minute read

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