Profits at Beachcroft dropped by £4m during the 2007-08 financial year, from £29.3m to £25.1m, as revenue remained static at £114m.
According to the firm’s LLP accounts for the period, tangible fixed assets increased in value by £2.6m over the same period. The firm moved into new offices in Bristol in April 2008.
Cash at bank and in hand at £638,000 was slightly higher than the 2007 figure of £497,000, but was still relatively low compared with some peers.
Wragge & Co, which is one place higher than Beachcroft in The Lawyer‘s UK 200 list of leading firms by turnover, has a turnover of £125.6m and £20.7m in the bank and in hand (TheLawyer.com, 11 December 2008).
Staff costs at Beachcroft grew by £3m from £55.2m in 2007 to £58.1m this year. The biggest single contributing factor was the increase in salaries (including staff bonuses), which grew by £1.7m from £48.6m to £50.3m. Pension costs also expanded, almost doubling from £1.3m to £2.2m. However, the total number of staff at the firm fell by 19 from 1,198 to 1,180.
The highest paid member was paid £456,577 – this fell by £34,000 from the previous year.
Beachcroft was unavailable for comment.