K&L Gates put more than 10% of its One New Change offices up for let last year as it sought to reduce its exposure to the high rental costs at the prime London location. The move comes as the publication of the firm's UK limited liability partnership (LLP) accounts showed it paid out more to partners in 2012 than they brought in in terms of profit. According to the LLP filing, the deficit generated by the UK partnership, taking into account members' remuneration and profit distribution, was £1.75m. To fund this shortfall, the firm's Delaware LLP paid £2.7m to the UK LLP.
Property accounts for 20% of all costs as London office reveals £1.7m financial shortfall K&L Gates put more than 10% of its One New Change offices up for let last year as it sought to reduce its exposure...
Firm sees turnover increase to £56.3m in the first six months of 2015-16, supported by real estate and disputes
Newly merged retail group to set up first panel after the appointment of former BT general counsel to lead its legal team
All the best news and analysis from Legal Week over the last seven days
General counsel including the Co-operative Group's Alistair Asher on leadership, ethics and the role in-house lawyers play in the face of a crisis
Listed law firm launches an office in the “highly strategic” M4 corridor where it says the demand for legal services is growing