The Lawyer Africa Elite 2014 features an in-depth look at 46 leading independent firms’ strategies in 15 key sub-Saharan jurisdictions, as well as the views of in-house counsel from some of Africa’s largest companies... 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.
Nabarro averted a cashflow problem last year by asking partners to inject an extra £5m into the firm.
The boost to the firm’s working capital requirement was made in November 2008 and came after it posted a flat revenue at the half-year level.
Senior partner Simon Johnston explained: “We were looking at the business and cashflow projections - turnover was dropping and profit was dropping. We were undercapitalised by other standards.”
This happened during a year in which the top 25 firm’s staff costs increased by around 4 per cent on a year-on-year basis, according to LLP accounts filed with Companies House.
The firm spent £53.1m on staff in 2008-09 compared with £51.1m during the previous financial year. The growth came as a result of increased salary costs, recruitment fees and redundancy compensation for 22 staff.