The latest to emerge in a run of recent LLP filings is Holman Fenwick Willan, which has seen its revenue dip 5% to £139m from £145m while operating profit fell by 16% to £49.9m from £59m.
The consolidated accounts reveal profit for division among members also decreased by 15% to just under £46m.
Spending on salaries rose to £43.4m from £40.2m the previous year while the average number of people employed rose slightly to 769 from 759. Average profit per member dropped from £353,000 to £303,000 while the share of profit allocated to the member with the largest entitlement in the year to 31 March 2015 was £3.6m, from £11.3m in 2014.
The firm’s bank overdraft facilities stood at £5.5m and borrowings include a term loan of £7.1m at 31 March 2015 (down from £7.9m in 2014) which is not due until 2023.
Holman Fenwick, which has 13 offices including Paris, Hong Kong, Sydney and Sao Paulo, generates more than half its revenue, or about £70m, in the UK.
Despite a tough year for the insurance specialist, the firm has been in recruitment mode in recent months, having hired Stephen Marais from rival Ince & Co in October to build its asset finance practice, as well as Reed Smith corporate partner duo Giles Beale and James Wilson in December to ‘help domestic and international clients take advantage of transactional opportunities.’
Other recent filings reveal Clifford Chance’s 12-strong executive leadership committee took a pay cut as LLP filings showed the group saw an average 7% decrease in pay this last financial year as the firm’s revenue and profit also fell, while Allen & Overy’s c-suite took home almost 10% more last year off the back of strong revenues.
sarah.downey@legalease.co.uk
