Burges Salmon has reported a £5m increase in net funds for the 2012/13 financial year, with profit and turnover both rising despite the cost of new London offices.
The firm’s LLP accounts showed an increase in net funds from £13m in 2011/12 to £18.2m last year, as well as confirming the firm’s 3.8 per cent turnover rise from £71m to £73.7m (26 July 2013). Net profit for the LLP rose by 6.4 per cent, from £24.9m to £26.5m.
Burges Salmon increased its provision for the reinstatement of fixed assets by £400,000 during the year, due to the unwinding of a discount on existing provisions and the creation of a new provision for its New Street Square office in London. The firm has no bank borrowings.
The accounts also show that the highest profit share paid to a partner last year was £510,000, up 2.6 per cent from £497,000 the previous year. However the average profit per member dropped by 2.2 per cent, from £371,000 in 2011/12 to £363,000 last year.
There was a bigger fall in the average pay for salaried LLP members. Their pay dropped from £323,000 in 2011/12 to £267,000 in 2012/13, a fall of 17.7 per cent. Information provided by Burges Salmon for The Lawyer UK200 2013 shows that the number of salaried partners at the firm rose from 13 in 2011/12 to 19 last year, while the number of equity partners increased from 54 to 56.
Overall, staff numbers at Burges Salmon rose by six in 2012/13 compared to the previous year, nudging above 500 people to 503. Staff costs went up by 3 per cent, from £25.1m to £25.9m. s