London firm Finers Stephens Innocent saw profits rocket 43 per cent in the 2009-10 financial year, its latest LLP accounts reveal.
While turnover saw a modest 3 per cent rise to £17.6m, operating profit increased from £4.6m to £6.7m. The profit share of the highest member also experienced a major hike, rising 48 per cent from £282,000 to £418,000.
The firm slashed staff costs by 8 per cent between 1 May 2009 and 30 April 2010, with the figure falling from £6.4m to £5.9m. The total number of employees fell from 124 to 108, the number of support staff from 47 to 37, and the number of legal staff from 77 to 71. The number of partners dropped by one to 37.
Net debt was cut by 15 per cent from £2m to £1.7m. A total of £878,000 was repaid in bank loans in 2009-10 - up from £676,000 the previous year - and the firm operates without a bank overdraft.
Despite the improved performance last year, turnover remains down on the firm’s 2007-08 high of £22m. The firm made four lateral partner hires in 2009 including litigation partner Tim Bignell from Druces (7 December 2009 http://www.thelawyer.com/finers-makes-fourth-lateral-hire-this-year/1002849.article).