Clyde & Co's highest-paid partner received £1.41m during 2017-18, the firm's latest limited liability partnership (LLP) accounts have revealed.

The average number of partners at the firm grew by 15 during the year to 320, with the top-earner figure up 3% from £1.37m last year.

The accounts show slightly different revenue figures from those reported by the firm last summer, with turnover up 7.8% from £511.1 to £551m, as opposed to the 8.5% increase announced in July 2018. The firm attributed the discrepancy to accounting differences and late billings from the firm's new Miami, Washington DC, Chicago and Duesseldorf offices.

Last year, the firm posted a 1.5% increase in profit per equity partner (PEP) to £660,000. The accounts state that during the year, "restatements" had been made "to reduce debtors, members' interests and net assets of the LLP by £14.9m", in part to increase the profit for division among members. However, the firm said this had no impact on PEP.

Cash at bank and in hand jumped by almost £10m for the second year in a row, from £28.2m to £37.2m, while the firm also took out an additional £647,000 in bank loans.

Employee numbers rose 3% from 3,274 to 3,378, against a 6% rise in staff costs from £237.4m to £252.6m.

Due to a shake-up of the firm's management structure in December 2017, total pay for Clyde's global board dropped by £3m, from £12.4m to £9.4m, although this was due to a reduction from 16 to 12 members, meaning average compensation per member rose slightly from £774,000 to £781,000.

The board was slimmed down after elections that took place in November 2017, with six stepping down and three partners being added, including London-based projects lawyer Liz Jenkins.

The firm said it added 63 new partners during the financial year, taking total partner headcount to more than 400 for the first time.

Clyde & Co financial year 2017-2018 highlights: