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...
Hogan Lovells has hired Sammy Li and Stephen Peepels from Paul Hastings and DLA Piper respectively to join its Hong Kong base
Magic circle firm moves from third place to second in the FTSE 250 adviser rankings, as Slaughters tops FTSE 100 and 250 tables
Outstanding Individual Innovator award handed to Schillings COO Christopher Mills
The US firm has announced salary increases across its associate scale
Updates from today's Legal Innovation Awards ceremony, with coverage of the awards announcements as they happen