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International Edition

Herbert Smith accounts reveal £6.7m loan as top earner takes home £1.1m

Herbert Smith took out a £6.7m loan in 2010-11, according to recently filed limited liability partnership (LLP) accounts, with part of the loan going towards fitting out the firm's new Belfast office. Details of the loan are contained within accounts, filed earlier this month with Companies House, which also show that at the close of the financial year the firm's overdraft stood at £18.7m compared with £7.6m the previous year, taking total bank borrowings to £70.9m. Despite the increase, the firm's total overdraft facility remained unchanged.
2 minute read

International Edition

CMS accounts reveal financial details of Integreon outsourcing deal

CMS Cameron McKenna's 2010-11 limited liability partnership (LLP) accounts have revealed financial details of the City firm's controversial back-office outsourcing arrangement with Integreon, which went live in April last year. The accounts show Integreon is due to make an £8.7m payment to Camerons for taking on the service company housing virtually the whole of the law firm's back office support function last spring.
3 minute read

International Edition

Freshfields LLPs show £2.5m pay for top earner and audited revenue dip

Freshfields Bruckhaus Deringer's highest-paid member took home £2.5m last year, a 7% decrease on the top figure of £2.7m paid out in 2010. The figure, contained within the firm's recently filed limited liability partnership accounts, is understood to have been paid to a retired partner. The sum marks the second consecutive annual decrease in the firm's top payout, after 2008-09's highest-earning member received £3.3m.
2 minute read

International Edition

Wragges LLPs reveal one-off £10.5m cost of delayed Birmingham move

Wragge & Co's highest-paid partner took home £734,000 in 2010-11, up from £444,000 the preceding financial year, according to accounts recently filed with Companies House. The UK top 25 firm's audited turnover was £112.9m, up from £98.2m in 2009-10, but reported operating profit fell from £30.2m to £28m due to a one-off £10.5m property expense. Operating profit before the property cost stood at £38.6m.
3 minute read

International Edition

Beachcroft pre-merger LLPs reveal bank loans for international growth

Legacy Beachcroft agreed £3m in new loans during the last financial year to finance its Singapore launch and revamp its Birmingham office, according to 2010-11 limited liability partnership (LLP) accounts recently filed with Companies House. The accounts state that the firm, which merged with Davies Arnold Cooper on 31 October 2011 to form DAC Beachcroft, secured loans totalling £3m to finance the ventures.
2 minute read

International Edition

Eversheds LLP filings show £6.4m cost of Middle East acquisition

Eversheds' acquisition of Middle Eastern law consortium KSLG will cost the firm £6.4m, according to the firm's 2010-11 accounts, recently filed with Companies House. The firm's limited liability partnership (LLP) filings include details of the predicted costs of the May 2011 acquisition, which gifted the top 10 UK firm new bases in Iraq, Jordan, Saudi Arabia and Dubai.
2 minute read

International Edition

LG LLPs reveal loan reduction as firm eyes international expansion

LG repaid almost half of its £9.6m worth of loans during 2010-11 due to "continued positive cashflow", according to the firm's latest limited liability partnership (LLP) accounts. The Companies House filings show that LG paid back £4.1m of its loans and overdrafts, which had been largely used to fund the property refurbishment carried out when the firm moved to its London Bridge offices in 2007, reducing its debt to £5.5m.
2 minute read

International Edition

GTM posts strong revenue growth in first full-year London LLPs

Greenberg Traurig Maher's (GTM) burgeoning London office has posted turnover of £8.7m for its first full year in the City, according to the firm's new LLP accounts. The revenue figure, which covers the period between 31 March 2010 and 31 March 2011, is significantly up on the £3.5m the firm took in during its first eight months in London after launching in 2009 with the hire of ex-Mayer Brown heavyweight Paul Maher.
2 minute read

International Edition

Top paid Barlows partner makes £623k as LLP filings reveal finances

Legacy Barlow Lyde & Gilbert's highest paid member took home an estimated £623,030 last year, marking a 46.6% increase on the highest profit share in 2009-10, which stood at £425,043.
2 minute read

International Edition

Partnership ranks at top UK law firms still in flux, research shows

DLA Piper has seen more partners resign from its limited liability partnership (LLP) since January 2010 than any other top 10 firm, according to Legal Week research that shows the extent to which leading law firms are continuing to reshape their partnerships. Filings with Companies House show DLA Piper has seen 75 partners resign from its international LLP since January 2010, of which 60 have left the firm entirely. Of the remaining 15, eight have stayed with DLA in non-partner roles, with seven set to rejoin the LLP on 1 May when the merger with former Australian alliance partner DLA Phillips Fox takes effect.
3 minute read

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