Profits were falling at what was then Berwin Leighton Paisner before it merged with a US firm to create Bryan Cave Leighton Paisner, accounts for the last financial year have revealed.
According to a document posted on Companies House, operating profit fell 22% from £72m to £56m. Profit divisible between the members for the year ending 30 April 2018 was £53m, down from £69m in the year ending 30 April 2017.
There was also a dip in earnings for the highest partner. They drew £1.3m in the latest financial year compared to £1.4 the year before.
The ‘key management group’ shared £10.78 compared to £13.18m last year - a fall of 18%.
Bryan Cave and Berwin Leighton Paisner officially merged in April last year. According to a statement from both firms at the time, the combined practice is a 1,600-lawyer firm with revenue of around £644m ($900m).
In a statement in the accounts acknowledging this, the firm said: ‘On 30 March, the group completed the sale of its interest in BLP Enterprises and its subsidiaries. The investment was sold by the LLP at the original cost value £7.54m. A loss on sale has therefore been recognised in consolidated accounts of £3.104m being the equivalent of the accumulated undistributed retained earnings not attributable to non-controlling interests’.