The highest-earning partner at Ashurst took home more than £1m in 2009-10 after the top payment dipped below the seven-figure barrier during the previous financial year.
Ashurst offices” src=”Pictures/web/e/w/b/ashurst_150.jpg” />
According to LLP filed at Companies House, the top-earner was paid just under £1.1m during the 2009-10 financial year. It is understood that the partner was not at the top of the equity, which stood at £940,000 at the end of the last financial year. The figure would have been boosted by compensation paid after the partner left the firm.
In the 2008-09 year, the top earner at the City firm took home £931,000.
Meanwhile, overall staff costs at the firm rose slightly from £120m in 2008-09 to £122m last year. The increase came despite a drop in the average number of legal and support staff at Ashurst, from 1,668 to 1,634.
Net funds held by the firm at the end of the financial year were cut by nearly half, from £46m to £24m, partly as a result of outstanding tax liabilities.
Finance director Nigel Morland said: “We’ve been saving cash to meet the tax liabilities that fell due last year. Plus, we were careful generally on cash and we continue to operate without any borrowings.”
Total revenue in 2009-10 fell by 3 per cent from £301m to £292m with operating profit suffering a 5 per cent decline – from £104m to £99m.