Operating profits at top-20 firm Berwin Leighton Paisner fell by more than £25m last year, its financial report has revealed.
According to LLP accounts filed with Companies House on new year’s eve, profit decreased from £81m in 2011/12 to £55m up to the end of April 2013 – a drop of almost 32% year on year.
Fee income fell from £246m to £232m over the same period, down around 5.3% for the year.
The firm has previously disclosed that profit per equity partner last year was £401,000, and the accounts show the average number of members in 2013 rose from 190 to 212.
The profit share of the highest paid member was £1.2m, down from £1.6m in 2012.
The financial statement also reveals the amount owed to creditors increased year on year from £51m to £76m, in part down to raising the firm’s bank loan from £14m in 2012 to £45m last year.
In an introduction on behalf of the designated members, BLP managing partner Neville Eisenberg said partners considered the group’s financial position at the end of the year to be ‘satisfactory’.
During the 2012/13 financial year, BLP sold its legal resourcing business to Lawyers on Demand Ltd, a company in which BLP indirectly retains a 70% interest in the share capital and 80% of voting rights.
The firm, which specialises in commercial and civil legal services including corporate tax, property and litigation, employs around 800 lawyers and has instructed 34 FTSE 100 clients.
As well as London, it has regional offices in Abu Dhabi, Beijing, Berlin, Brussels, Dubai, Frankfurt, Hong Kong, Moscow, Paris and Singapore.