Hill Dickinson has posted a 0.4 per cent increase in turnover to £111.9m for 2013/14 from £111.5m in the previous year.
The firm is yet to release details of its profitability for the latest financial year but in 2012/13 Hill Dickinson reported a 15 per cent drop in average profit per equity partner (PEP) to £264,000 and 11 per cent drop in net profit to £16.9m from £19m, despite posting a slight increase in turnover (15 July 2013).
Hill Dickinson begun a restructure of the business in May last year (29 April 2013), resulting in the loss of 60 jobs through voluntary redundancy in the Liverpool office (28 June 2013) and 83 roles in July (30 July 2013).
Later in the year, the firm issued a £2.8m cash call to its partners after investment in a Monaco launch in March (5 February 2013), and to stabilise its balance sheet after spending £2m on a new practice management system and seeing its property overheads increase (7 August 2013).
The firm issued a second cash call in February in response to HM Revenue & Customs’ (HMRC) changes to partnership taxation (19 February 2014).
According to a statement Hill Dickinson has ”reduced borrowing from £17m to £8.9m over the same period despite continued investment in IT, key lateral hires and new offices in London, Monaco and Hong Kong”.