Following a seven-month period in which its year-end profitability rose significantly but its half-year revenue was flat, top 30 LB100 firm Nabarro today (6 January) filed its limited liability partnership (LLP) accounts for the 2012/13 year, unveiling a 31% pay increase for its top fee-earner and a 13% drop in partner numbers.
The firm’s LLP accounts filed at Companies House show that the highest pay taken home by a member for the year was £635,000; up from £486,000 in the 2011/12 financial year.
The accounts further show that the firm’s profits substantially grew in 2012/13, with operating profit rising 22% to £42.5m from £34.7m the previous year. Fee income rose by a more modest 4% to £117m from £112.4m in 2011/12.
Those figures are broadly in line with unaudited figures provided by the firm in June, which declared £116.3m in revenue, a rise of 3% on the previous year and an increase in profit per equity partner (PEP) of 30% from £332,000 to £430,000.
The LLP accounts further reveal that the average number of members at the firm has decreased by 13% from 120 to 104, while the average number of employees decreased 4% from 701 to 674.
In early December, the 424-lawyer firm posted flat half year (H1) revenues for the 2013/14 year, with turnover up marginally by 0.3% from £52.3m to £52.5m, set against a swathe of top 50 LB100 firms showing sizeable and in many cases double digit increases.
Significant recent developments for the firm include appointing restructuring and insolvency head Patricia Godfrey as its new head of international, while also announcing in November that it will open an office in Dubai early this year in what will become its third international office.
Other firms to have filed their LLP accounts so far in the New Year include Berwin Leighton Paisner, which last Thursday (2 January) revealed a 221% increase in bank borrowing for the 2012/13 financial year.
The 790-lawyer firm’s borrowing has risen to £45m from £14m the previous year. It has however, significantly reduced its overdraft facility to £371,000 from £4.5m and the firm owes £76m to creditors overall compared to £51.3m the previous year.
Sarah.downey@legalease.co.uk
