Fortunes at international firm Berwin Leighton Paisner showed a significant upturn in 2013-14 with profits up by 25%, accounts have revealed.
Documents filed with Companies House over the Christmas period show the firm increased profit before tax in the year ending April 2014 to £68.2m – up from £55.2m in 2012/13.
During the year, revenue also rose by 6%, from £232m to £246m. Profit per equity partner rose 35% to £542,000.
The figures reflect a turnaround compared with the previous year, when profit dropped by almost 32% year-on-year and fee income was down 5.3%.
After those results were posted, the firm made more than 100 staff members redundant, and by April 2014 total headcount was down by 116 (9%) in the year. Of these, 47 cuts were to legal staff.
The number of members also reduced during the 2013/14 year, from 179 to 167.
At the time of the redundancies announcement, the firm said it aimed to cut salary costs by 15%. In the event, salary costs have fallen just 4%, from £90.7m to £87.1m. The profit share of the highest paid member remained at £1.2m.
Amounts owed to creditors within one year have fallen from £76.3m to £72.7m. Bank loans fell from £45m to £32m.
Last year, managing partner Neville Eisenberg said the improved results showed the ‘resilience’ of the firm and the success in international markets such as Germany and Russia.