Profits due to the highest-paid partner at Dundas & Wilson fell last year by 39 per cent, the firm’s LLP accounts have revealed.
Whereas in 2011/12 the highest-paid LLP member received £454,955, last year this figure dropped to £278,774. The figure was lower for the highest-paid member of the firm’s London LLP, at £266,248, but this was a rise of just under 2 per cent compared to the previous year’s figure of £261,645.
The firm files two separate sets of accounts, for its Scottish and English LLPs. Scottish turnover was £46.6m, down 9.3 per cent from 2011/12’s £51.4m.
Net profit for the group LLP registered in Scotland fell by 22 per cent, from £10.3m in 2011/12 to £8.1m last year. The firm paid out just under £7m of this as salaries to its partners and retained £1.1m for discretionary distribution – down from £1.7m the previous year.
Dundas’ London office produced revenue of £18.5m, with profits of £4.3m, meaning that its profit margin of 23 per cent is considerably better than that of the Scottish LLP, 17.4 per cent.
The firm provided a set of consolidated accounts for various entities within the group including its English and Scottish arms, which showed total turnover of £49.2m – slightly higher than the provisional figure of £48.7m reported by Dundas earlier this year (19 July 2013). Net profit for the consolidated accounts was £12.4m, down 21 per cent from 2011/12’s £15.7m.
Dundas co-managing partner Allen Wernham told The Lawyer in September (3 September 2013) that it was planning to focus its future strategy on growing its Scottish base and focusing on real estate, construction and infrastructure, and restructuring in London.