The Lawyer Asia Pacific 150 is the only research report to provide a ranking of the top 100 independent local firms and top 50 global firms in the region. The report offers critical review of some of the fastest growing firms and their strategies, a country-by-country guide to leading legal advisers and legal services market trends, plus exclusive insight into the current business development opportunities in the Asia Pacific. Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
LG is locked into paying 6.27 per cent interest on an £8.2m loan for the next nine years at a time when the UK base rate has dropped to 0.5 per cent.
The firm agreed to the terms on the Barclays Bank loan last April, when Libor stood at around 5.8 per cent. The interbank lending rate now stands at 2.4 per cent.
In total the firm borrowed £11m from the bank. The firm took out a hedging contract that fixed the interest rate on £8.2m of the loan with the remainder attracting a rate of 0.85 per cent over Libor.
LG managing partner Hugh Maule (pictured) said: "Libor unusually moved well away from base in 2007. We took a view in 2007 that we would hedge part of the loan because the rate that we got at the time was going to save us quite a considerable amount of interest."
Maule admitted that as things stand the interbank rate is not favourable but added that LG was currently still "quids in" thanks to the hedging contract.
"We may break even [on the contract] or be down or slightly up, but we're certainly pleased with what we did," he said.
LG originally took out a £15.8m loan to finance the fit-out of its offices in More London, where it relocated to in May 2007 after taking possession of the building three years ago.
The firm's 2007-08 LLP accounts, published last week, show that of this loan £14.8m was still payable as at 30 April 2008.
In that financial year the firm also increased partners' capital by £1.2m to £10.5m. This equates to around £15,000 per partner if spread evenly between 80 partners.