Newly published accounts filed at Companies House by City firm Macfarlanes offer fresh insight into the standout trading performance of one of London’s most profitable professional services businesses.
For every pound billed by the firm in 2021/22, more than 50p went straight to the bottom line.
In the year to 30 April Macfarlanes billed £293.4m, up from £255.1m in the previous 12 months, the annual report of Macfarlanes LLP shows. Profit before members’ remuneration and profit shares came in at £163.1m, up from £141.4m.
The firm held £62.7m at the bank at 30 April, down from £74.5m a year earlier.
Revealing its headline figures back in July, Macfarlanes reported a 19% leap in profit per equity partner to nearly £2.5m – the highest figure of any firm to report its results. The annual report reveals that the profit attributable to the member with the largest entitlement - whose identity is not disclosed - climbed from £3,439,000 in 2021 to £3,771,000 this year.
Remuneration for ‘key’ managers of the group, none of whom are identified, rose from £5.9m to £6.8m. The ‘designated members’ named in the annual report are senior partner Sebastian Prichard Jones and managing partner Luke Powell.
Macfarlanes LLP ended 2021/22 with the same number of member partners as it began the year – 89. The firm, which employs former lord chancellor David Gauke as head of public policy, has over 700 professional and support staff.
Macfarlanes declined to comment on the accounts.
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