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An exhaustive analysis of the UK market including every firm in the top 200 ranked, analysed and benchmarked, UK chambers ranked by turnover, revenue per barrister and which international firms are most active in the UK.
Burges Salmon has reported a £5m increase in net funds for the 2012/13 financial year, with profit and turnover both rising despite the cost of new London offices.
The firm’s LLP accounts showed an increase in net funds from £13m in 2011/12 to £18.2m last year, as well as confirming the firm’s 3.8 per cent turnover rise from £71m to £73.7m (26 July 2013). Net profit for the LLP rose by 6.4 per cent, from £24.9m to £26.5m.
Burges Salmon increased its provision for the reinstatement of fixed assets by £400,000 during the year, due to the unwinding of a discount on existing provisions and the creation of a new provision for its New Street Square office in London. The firm has no bank borrowings.
The accounts also show that the highest profit share paid to a partner last year was £510,000, up 2.6 per cent from £497,000 the previous year. However the average profit per member dropped by 2.2 per cent, from £371,000 in 2011/12 to £363,000 last year.
There was a bigger fall in the average pay for salaried LLP members. Their pay dropped from £323,000 in 2011/12 to £267,000 in 2012/13, a fall of 17.7 per cent. Information provided by Burges Salmon for The Lawyer UK200 2013 shows that the number of salaried partners at the firm rose from 13 in 2011/12 to 19 last year, while the number of equity partners increased from 54 to 56.
Overall, staff numbers at Burges Salmon rose by six in 2012/13 compared to the previous year, nudging above 500 people to 503. Staff costs went up by 3 per cent, from £25.1m to £25.9m. s