Wragges cut £6m of costs in 2009-10, LLP results reveal

Wragge & Co managed to strip out £6m of costs over the 2009-10 financial year as a result of a £4m reduction in staff costs.

Staff costs fell to £40.4m in 2009-10 from £44.1m the previous year. This was largely as a result of a fall in wages and salaries, which contracted by £3.2m to £35.4m, according to LLP accounts filed with Companies House.

The total number of employees fell by about 10 per cent over the period to 916. However, the total number of partners at the firm remained broadly consistent, dropping by just one to 110.

Audited turnover for the firm was £98.3m, down from £105.8m in 2008-09. Around a third of this was turned into profit.

The partner who received the highest profit share during the year took home £444,000 – a nine per cent decrease on the top-of-equity figure for the previous accounting period.