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Profits at Taylor Wessing’s UK LLP increased by almost 20 per cent in the 2011/12 financial year, according to the firm’s consolidated accounts.
The firm, which posted an international gross turnover of £212.5m, generated UK fee income of £97.4 in 2011/12, a rise of 10 per cent from £88.5m in 2010/11.
Its net assets increased to £51.7m from £42.4m and equity partners interests went up to to £30m from £24.1m over a 12-month period.
According to the LLP consolidated cashflow statement, net cash inflow form operating activities also went up in 2011/12, from £30m to £38m.
During the year there was an average of 251 fee-earners, 24 non-fee earning professional staff and 255 support staff at the firm, with total staff costs at £37m.
According to the LLP accounts, there were 100 equity partners and the highest paid member in the year took home £861,000, up from £703,000 in 2010/11.
Client debtors increased, with the firm owed £39m at the end of the financial year, compared to £32m the previous year. But the LLP posted a healthy financial position with no bank overdrafts at 30 April 2012.
The LLP paid out £21.2m in members’ drawings and distributions, plus £8.8m as members’ remuneration charged as an expense.