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International Edition

Law firm use of service companies faces scrutiny in tax avoidance clampdown

The use of service companies by limited liability partnerships (LLPs) could be outlawed in the UK Government's latest clampdown on tax avoidance. Danny Alexander, chief secretary to the treasury, confirmed the move at the Liberal Democrats' annual conference this week, saying: "We will be closing the loophole that allows partners in partnerships to structure their staff arrangements so that they avoid the correct amount of income tax. It's wrong, it's unfair, and it's got to stop."
2 minute read

International Edition

Hill Dicks mulls removal of two-term managing partner limit as Jackson wins third vote

Hill Dickinson is considering whether to overhaul its partnership deed as managing partner Peter Jackson has been elected to serve a third term in office. Jackson (pictured), who succeeded David Wareing in the post in 2005, is due to begin his third four-year term in May 2014, despite the firm's limited liability partnership deed restricting incumbents to a maximum of two terms.
2 minute read

International Edition

Number crunching: UK top 30 LLP accounts revealed

Legal Week goes behind the headline figures for an in-depth look at the UK top 30's financial health
1 minute read

International Edition

Crunching the numbers - going behind the headline figures to look at the top 30's financial health

Caroline Thorpe pores over the top 30 UK firms' LLP accounts covering the past two financial years and assesses their performance during the ongoing financial storms
18 minute read

International Edition

Hogan Lovells LLPs detail firm's flat performance amid tough market

Hogan Lovells saw profit before tax decrease by 7% in in the year to 30 April 2012, against a slight growth in revenue, according to accounts filed for the firm's UK LLP. Documents filed on Companies House yesterday (5 February) show a 1.5% increase in revenue to £591m, which the firm attributed to a 1.2% growth in capacity. Staff costs increased by less than 1% to £240m, while operating expenses soared 18% from £122m to £145m, which the firm partly attributed to future costs relating to surplus office space.
3 minute read

International Edition

DAC Beachcroft LLPs reveal rising debt and £8.3m cost of DAC merger

DAC Beachcroft saw its net debt climb from £10m to £34m during the last financial year, with accounts recently filed with Companies House revealing that £8.3m of this was used to fund Beachcroft's acquisition of legacy Davies Arnold Cooper. The limited liability partnership (LLP) accounts show the debt comprised £29.6m of bank overdrafts, compared with £5.1m the previous year, with a slight increase in bank loans as well to just over £8m.
3 minute read

International Edition

Norton Rose top earner took home £1m for last financial year, accounts reveal

Norton Rose's highest earning member pocketed just over £1m in 2011-12 - a 22% increase on the previous year, according to financial documents recently filed with Companies House. The profit share entitlement - revealed in the limited liability partnership (LLP) accounts for Norton Rose LLP, which covers the original Norton Rose UK and international business but exclude its mergers in Canada, South Africa and Australia - compares with an equivalent figure of £839,000 the previous year.
3 minute read

International Edition

LLP filing reveals £2.9m payout for best-paid Freshfields partner

Freshfields Bruckhaus Deringer's top-earning partner took home £2.9m last year, according to the firm's newly filed limited liability partnership (LLP) accounts. The figure, which came amid 2011-12 profits of £329m, was received by a retiring partner and is 16% higher than the £2.5m sum the firm's top earner took home the previous financial year.
2 minute read

International Edition

Top firms reduce debt, cut staff costs and increase capital in response to downturn

As major law firms continue to wrestle with the sustained downturn in Western economies, many are moving to strengthen their financial hand in response, according to public documents. Accounts filed by CMS Cameron McKenna, Eversheds and SNR Denton in the past two weeks have highlighted a concerted push to pay down debt and often draw on increased partner capital.
3 minute read

International Edition

SNR Denton accounts reveal UK headcount drop of 10% in 2011-12

SNR Denton reduced UK headcount by almost 10% during the 2011-12 financial year, a move which contributed to savings of more than £7m for the firm, according to its newly filed accounts. The LLP accounts, filed on Companies House today (16 January), show fee earner count in the firm's UK arm fell 9% from 517 to 471 during the last financial year, while support staff numbers dropped by a similar proportion from 577 to 523.
2 minute read

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