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Profits at Taylor Wessing’s UK LLP crept up 4 per cent during 2012/13 while its drawings and distributions shot up 46 per cent, according to the firm’s consolidated accounts.
The firm, which posted an international gross turnover of £228m (29 May 2013), generated UK fee income of £101.6m in 2011/12, a rise of 4 per cent from 97.4m in 2011/12.
However its drawings and distributions rose 46 per cent during the year, from £21.2m to £30.8m, reflecting a combination of profits from the 2011/12 financial year and related tax reserves.
Meanwhile its net assets dropped slightly, from £51.7m to £51m, while equity partners interests slipped from £30m to £29.3m over a 12-month period.
According to the LLP consolidated cashflow statement, net cash inflow form operating activities also stayed relatively static, from £38m to £37.5m.
During the year there was an average of 260 fee-earners, 29 non-fee earning professional staff and 262 support staff at the firm, with total staff costs at £41m.
According to the LLP accounts, there were 103 equity partners and the highest paid member in the year took home £809,532, down from £860,551 the year before.
Client debtors increased slightly, with the firm owed £40m at the end of the financial year, compared to £39m the previous year. But the LLP posted a healthy financial position with no bank overdrafts at 30 April 2012.
During 2012/13 Taylor Wessing made 15 lateral partner hires and 16 partner promotions – including only one made up in London – and opened in Bratislava, Brno, Budapest, Kiev, Klagenfurt, Prague, Singapore, Vienna and Warsaw.