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The highest-earning partner at Wragge & Co took home £648,000 in 2011/12 – a 12 per cent drop from the year before.
This is despite the number of partners going down from 119 to 115, according to the firm’s LLP accounts, which were filed this week.
The largest Midlands-based firm has a total workforce of almost 1,000, with staff costs rising by £3m to £46m for 2011/12.
Average profit per partner was around £330,000, representing a significant rise on the £235,000 posted the previous year. However, the 2010/11 figure was deflated after partners absorbed the £10m cost of new Birmingham offices in one year.
In November, managing partner Ian Metcalfe said the firm had recorded a half-year revenue figure of £60.6m, putting it on course for further growth from the 2011/12 turnover of £118.2m (20 November 2012).
The LLP accounts also show that Wragges’ operating profit figure for 2011/12 was £38m, which would been on the same level as the previous year if not for the investment in property.
And after dipping into the cash reserves during the downturn, Wragges’ net funds are now back up to £13.9m from £11.3m the previous year (13 February 2012).
Wragges reported a mixed first six months of 2012/13 overseas, with the Paris office ahead of budget, but the €1m-turnover Germany practice and £1m-China practice “slightly quieter” than last year. They both recorded significant rises in 2011/12.