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Travers Smith’s highest-earning partner made just over £1.3m in the 2010-11 financial year, the firm’s latest accounts show.
LLP accounts filed this week at Companies House show that the highest profit share for a partner was £1.302m, 25 per cent up on the figure of £1.044m taken home by the top earner the previous year.
The hike comes despite a 19 per cent drop in profit in 2010-11 to £29.5m, down on the £36.5m it posted for 2009-10. Operating profit dropped 5 per cent from £33.8m to £32.1m.
Revenue dropped 1 per cent from £71.7m to £70.9m, meaning the audited turnover is marginally lower than the unaudited £72m it announced last summer alongside a drop in profit per equity partner (PEP) (8 July 2011).
At the time managing partner Andrew Lilley gave an increase in overheads as the reason for the firm’s 8 per cent drop in PEP from £705,000 to £650,000.
The firm’s accounts appear to back this up, with administrative expenses increasing 2 per cent from £38.9m to £39.7m. Employee costs increased 10 per cent from £23.6m to £25.9m, with this hike including an 8 per cent increase in wages and salaries from £19.8m to £21.4m.
Partner numbers dropped from 62 to 61 compared with the 2009-10 financial year as an average throughout the year, with employee headcount increasing 7 per cent from 340 to 365. Fee-earner numbers were up 10 per cent from 204 to 225, while support staff headcount saw a 3 per cent hike from 136 to 140.
The firm introduced £375,000 in capital from members into the firm in 2010-11, working out at just over £6,000 per partner. It also repaid £655,000 in capital and £200,000 in loans to members.
Lilley said the drop in profits was down to increased overheads and said the amount taken home by the top-earning partner has always fluctuated due to a range of factors.