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Ashurst's cash at bank increased by £13m compared to the 2006/07 financial year. Morland explained that this was due to increased billing at the year end and record profits, meaning that a larger amount of cash would have to be held in a tax reserve.
The taxes paid by the LLP, as opposed by the individual partners, more than doubled in 2007-08 from £2.9m to £7.1m.
Morland explained: "Obviously the tax structure is always changing as the percentage of business outside of the UK increases."
Ashurst's LLP accounts also reveal that the firm invested more than £7m in its tangible fixed assets in the 2007-08 financial year, which included roughly £3m of leasehold improvements and a £3m investment in computer equipment.
In the 2007-08 financial year Ashurst enjoyed record profitability, with average profits per equity partner rising 9 per cent to exceed £1m for the first time (TheLawyer.com,7 July 2008
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