Withers’ UK LLP accounts have shown a rise in both profit and revenue for the 2011/12 financial year, as well as a £2.4m increase in bank loans.
The accounts, filed at Companies House for the firm’s UK and Swiss operations – but excluding its US, Italian, British Virgin Island and Hong Kong offices – show that the firm brought in turnover of £80.5m in the last financial year, up 6 per cent from 2010/11 when revenue hit £75.7m.
Net profits rose from £19m to £20.4m, an increase of 7 per cent, with a slight rise in profit margin from 25 per cent in 2010/11 to 25.3 per cent last year. However, due to £1.86m in actuarial losses in 2011/12 and £129,000 in gains in the previous year, the total recognised gains for the period dropped from £19.1m to £18.6m.
Withers’ staff costs rose by £3.8m in 2011/12 after the number of lawyers and support staff rose from 405 in 2010/11 to 443 last year. The firm had 76 LLP members in the last financial year, down by one from the previous year.
The highest-paid member in 2011/12 received £526,630, a drop of just under 3 per cent from £541,418 received by the highest-paid member in 2010/11.
The firm’s overdrafts and bank loans due within one year rose from £15.7m in 2010/11 to £18.1m in 2011/12. Coupled with increases in trade creditors, tax and social security creditors and accruals and deferred income, creditors’ amounts due within a year for the LLP rose by £4m and for the group by £3.7m.
However, an £800,000 decrease in bank loans and a £150,000 drop in accruals due after one year helped the amount due to long-term creditors drop by almost £1m.
Turnover for Withers’ worldwide operations rose by 12 per cent last year, according to figures provided to The Lawyer in the summer (18 July 2012).