The firm’s limited liability partnership (LLP) accounts – which cover its first full year as an LLP – reveal that over the last tax year it spent £20.3m on additions and upgrades to its offices, including £14.9m on property improvements and an extra £4.9m on furniture and equipment. The improvements mean the value of the firm’s fixed assets almost doubled, growing by £15.4m to £34.8m.
The figures also show a £23.9m increase in fee income to £169m, while operating profits went up £9.7m to £68.5m.
The increases came despite a £10.9m hike in staff costs to £66.6m with the firm taking on an additional 114 staff.
BLP also increased its partnership over the period by 18 partners to 165. The accounts reveal that the highest paid partner took home £1.2m, based on the previous year’s takings.
The firm’s finance department saw the biggest growth in turnover, growing 35% to account for £26m worth of revenue. However, real estate still brought in more than the firm’s other four practice groups with turnover growing 14% to reach £60m.
In his annual report to partners, senior partner Harold Paisner commented: “We have transformed the firm over the last few years. The journey continues and, with an exceptional team, a clear strategic focus and a blue chip client base, we are well positioned for the next stage.”
