Bond Pearce’s final year before its merger with Dickinson Dees saw turnover rise to £51.8m – £1.5m more than first reported, newly-released LLP accounts have shown.
The Bristol firm’s audited turnover rose from £46.5m in 2011/12 to £51.8m last year, an increase of 11.4 per cent. The firm previously reported turnover of £50.3m (5 August 2013) for the last financial year.
Meanwhile net profit rose from £11.7m to £14.3m, a rise of 22.2 per cent.
The LLP accounts reveal that Bond Pearce LLP transferred its “trade and assets” to Dickinson Dees LLP on 1 May 2013, when the two firms merged (6 December 2012). Dickinson Dees LLP then changed its name to Bond Dickinson LLP.
Bond Pearce’s LLP accounts note that the firm’s affairs “will be wound down as soon as is practical after the merger. Bond Dickinson LLP will provide funding if necessary to allow an orderly wind down”.
The accounts show that the amount of profit due to Bond Pearce’s highest-paid partner last year was £465,000, up 34.8 per cent from £345,000 the previous year. The number of people working at Bond Pearce remained static, with 75 partners and 543 other lawyers and staff. However salary costs rose, from £17.2m in 2011/12 to £18.4m last year.
Debt levels at Bond Pearce dropped considerably between 2011/12 and 2012/13. In 2011/12, the firm was running a bank overdraft of £1.95m and had bank loans of £1.5m, mostly due within a year. By the end of 2012/13, it had cut its overdraft to just £442,000 and its bank loans to £1.1m.
Dickinson Dees’ 2012/13 LLP accounts are yet to be published.
Bond Dickinson declined to comment.