The results, revealed in the US firm’s limited liability partnership (LLP) filing to Companies’ House earlier this month, show that profits in the international LLP, which encompasses the Brussels and London offices, fell by around 8% from 2006. This was due to a marked £12m increase in operating expenses, which now stand at £65.8m.
Over the year, the international LLP spent £4.2m on fixtures, fittings and improvements to its offices. The figure, which includes £2.2m on property, comes as the firm took on new premises in
Mayer Brown’s
Staff costs for the LLP rose £6.6m to £35.4m, with the firm taking on 21 more legal staff and an extra 16 support staff. Resulting staff costs were up 36.6m to £35.4m.
Partner numbers in the international LLP increased from 98 to 102, with around 55 partners sitting in the fixed share band. The average profit across all partners in the offices was £372,775 – down from £416,608, while profits per equity partner stood at £479,922, down from £588,000.
The highest paid partner took home £1.4m, compared to £1.1m the previous year.
The firm operates a pooling system with its
Despite Mayer Brown’s UK LLP being named in several claims against the firm in recent times, it is not taking out further provisions to cover claims against it.
Director of Finance Jon Sedgwick commented: “We have been advised there is no need for further provisions and we have no liability for the claims against the US LLP.”
The firm’s US and
