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International Edition

Ince switches to LLP in one of last top 50 conversions

Ince & Co is set to convert to a limited liability partnership (LLP) on 1 May, becoming one of the last firms in the UK top 50 to do so. The move, which comes a decade after firms were first permitted to limit their liability, will see seven of Ince's nine offices included in the LLP. Hong Kong and Paris will be excluded for the time being.
2 minute read

International Edition

Dentons accounts show partnership shrank 15% in year before US tie-up

Denton Wilde Sapte saw partner headcount fall by 15% in the last full financial year before its US merger, the firm's limited liability partnership (LLP) filings have revealed. The accounts show that Dentons' partnership shrank by 21 during 2009-10, from 159 to 138, alongside an 11% decrease in total staff numbers. SNR Denton co-chairman Howard Morris said that some of the departures had come in light of partnership restructuring, but that natural attrition had also been a factor behind the decrease.
2 minute read

International Edition

Field Fisher LLPs reveal completed phase-out of salaried partner rank

Field Fisher Waterhouse has completed the phase-out of its salaried partner rank, the firm's recently-filed limited liability partnership (LLP) accounts have revealed. The filings show that Field Fisher's sole remaining salaried partner retired during the 2009-10 financial year.
2 minute read

International Edition

SJB LLPs show £20m repayments to partners during last financial year

SJ Berwin cleared more than £20m of loans and debts owed to its limited liability partnership (LLP) members during 2009-10, according to the firm's recently-filed accounts. The Companies House filings show that total amounts due to the LLP's members decreased from £21.6m to just £1.1m during the financial year.
3 minute read

International Edition

LG accounts show pay for top earner rose by almost 50% in 2009-10

LG's highest-paid member received £695,000 in 2009-10 - a 46% increase on the previous year's top figure, according to the firm's latest limited liability partnership (LLP) accounts. The Companies House filings reveal that firm's best-paid member took home £220,000 more than the previous year, as profits per equity partner rose 64% to £460,000 alongside an 8% turnover increase. During the year LG reduced its net debt carried forward by 63% to £5.1m, compared to £14m the previous year, while cash at bank and in hand more than tripled to £4.5m, up from £1.3m. The firm's operating profit rose by 32% to £24.6m.
2 minute read

International Edition

Ashurst accounts: 2009-10 top earner made £1.1m as staff costs edge up

Ashurst's top-earning partner made just under £1.1m last year, according to accounts filed this week with Companies House. The £1.07m figure is 12% higher than the top of Ashurst's standard lockstep for 2009-10, which ranged from £362,000 to £940,000. The reason for the £130,000 discrepancy with the top of the lockstep was increased compensation for departing partners.
2 minute read

International Edition

Mayer Brown City outpaces firmwide financials with 10% revenue hike

Mayer Brown's London office has posted a 10% increase in revenues for the 2010 calendar year. The revenue increase takes the US firm's London turnover to £102m from £93m in 2009, with the growth following a 16% drop in fee income in 2009 from £112m. The result means London has outperformed the rest of the firm, where results were roughly static. Profits per equity partner inched up by 1% to $1.07m (£668,000) with revenue dipping 1% to $1.11bn (£691m) in 2010, having fallen almost 14% in 2009.
3 minute read

Legal Week

Mayer Brown City outpaces firmwide financials with 10% revenue hike

Mayer Brown's London office has posted a 10% increase in revenues for the 2010 calendar year. The revenue increase takes the US firm's London turnover to £102m from £93m in 2009, with the growth following a 16% drop in fee income in 2009 from £112m. The result means London has outperformed the rest of the firm, where results were roughly static. Profits per equity partner inched up by 1% to $1.07m (£668,000) with revenue dipping 1% to $1.11bn (£691m) in 2010, having fallen almost 14% in 2009.
22 minute read

International Edition

Watson Farley LLPs show pay for top earner inching up on last year

Watson Farley & Williams' highest- paid member took home £1.26m during the last financial year, marginally more than the equivalent figure of £1.23m in 2008-09. The figure is contained within the firm's recently-filed LLP accounts, which also show that turnover for the LLP, which does not include all of the firm's international offices, stood at £56.9m, against £18.4m of profit available for discretionary division between the 60 members.
2 minute read

International Edition

Taylor Wessing LLPs reveal reductions in staff costs and headcount

Taylor Wessing cut staff costs by 17% during the last financial year after reducing staff headcount at the firm. The Anglo-German firm's UK limited liability partnership (LLP) accounts for 2009-10 show a drop in total staff costs from £37.4m to £31m. This comes against a 12% reduction in headcount, with total staff numbers dropping from 541 to 476. Support staff numbers fell from 262 to 227 - a drop of 13%. Meanwhile, fee earner numbers dipped by 9% from 258 to 235.
2 minute read

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