The highest-paid partner at Nabarro took home £635,000 in 2012-13 according to accounts filed with Companies House, a rise of 31 per cent from £486,000 the previous year.
The LLP accounts show that last year the firm boosted profit and turnover significantly, growing the former by 22 per cent from from £34.7m to £42.5m and boosting total fee income from £112.4m to £117.3m. The amount billed to clients with no adjustment for work in progress totalled £116.1m.
In June this year Nabarro said average profit per equity partner would swell by 30 per cent from £332,000 to £430,000 (13 June 2013).
Last year the average number of LLP members dropped from an average of 120 in 2011-12 to 104 for 2012-13. According to the consolidated accounts, profit for discretionary division among members stood at £42.2m at the end of 2012-13.
The accounts state that LLP members are required to provide capital each year to Nabarro in proportion to the profit allocated to them. The firm is currently owed £15.9m by members while it owed its members £9.2m, an increase on £3.4m last year. Nabarro grew the cash it held at the bank, from £8.2m in 2011-12 to £13.2 in 2012-13.
Staff costs fell from £44.3m to £42.3m in 2012-13. The total cost of salaries fell from a total of £37,178 to £35,505 as staff numbers reduced, with fee-earners dropping from 347 to 334 and support staff falling from 354 to 332 last year.
Nabarro operates a defined benefits scheme which pays £750,000 per year from 2012-13 to 2015-16 in order to wipe out a deficit for “past service liabilities”. The scheme’s deficit has been increasing for the past three years – from £17.5m in 2011 and £19.5m in 2012 to £24.7m last year.
Strategically litigation has been a strong growth area for the firm over the past year. In 2013 the firm named insolvency partner Patricia Godrey as international head, tasking her with driving Nabarro’s international expansion. The firm also announced plans to open in Dubai in November 2013 (21 November 2013).
That move followed the firm’s opening in Singapore in 2010. Before launching in Singapore in 2010 Nabarro had just one overseas base in Brussels along with alliance relationships with GSK in Germany, August & Debouzy in France and Nunziante Magrone in Italy.