SNR Denton’s UK LLP accounts show profit at the group fell from £37.9m to £22.5m in 2010-11.
Turnover for the LLP, which comprises the firm’s outposts in the UK, Europe, Middle East and Asia and excludes its US operations also fell, from £166.1m to £152.5m over the same period. In the accounts the firm blamed low transactional activity for the drop.
Profit for the financial year for the discretionary division among partners was £615,000, down from £6.2m in 2009-10. The firm charged £22m of members’ remuneration as an expense, down from £36.8m in 2009-10.
Despite the falls, the firm’s (estimated) highest paid partner took home slightly more than the year before: £755,000, up from £737,000 in 2009-10.
The average number of partners at the firm fell from 138 to 126 in 2010-11. Over the same period the number of fee-earners fell from 514 to 480 while support staff numbers dropped from 614 to 577. As a result, staff costs at the firm fell from £86m to £82.8m in 2010-11.
The LLPs also show that SNR Denton’s Turkey office generated £1.14m in 2010-11 (£2.18m in 2009-10) before it was restructured, separated from the LLP and then handed over to the firm’s alliance partner in Turkey, Ece Guner Law. Restructuring began in 2010 and the office officially closed on 17 September 2011.
In 2010-11, the LLP also increased its bank loans and overdraft from £18.6m to £22.8m, while cash at the bank and in hand decreased slightly.
In 2010-11, SNR Denton’s UK office contributed £50,000 to the SNR Denton UK LLP charitable trust.
Legacy firms Denton Wilde Sapte and Sonnenschein Nath & Rosenthal merged on 30 September 2010 though they remain separate legal entities, having combined through a Swiss Verein structure.
Turnover on the US side of SNR Denton’s business grew 4.4 per cent in 2010-11 (3 February 2012).