Oct
Macfarlanes’ highest-paid member earned a 2.2m share of the firm’s profits during the last financial year – almost double the equivalent figure in 2009-10 of 1.15m.
The figure, which includes payments made in relation to the partner’s retirement, is contained within Macfarlanes’ limited liability partnership (LLP) accounts, which were recently filed with Companies House.
The accounts also reveal that capital contributions from members were significantly lower in 2010-11 than the previous year, standing at 200,000 compared with 1.25m in 2009-10.
Profits available for division among members fell from 30.6m in 2009-10 to 27.9m this year; however, operating profit increased marginally from 45.5m to 46.3m before tax.
The average number of members remained broadly static at 74 compared with 75 in 2009-10, while overall staff numbers fell slightly from 420 last year to 408 in 2010-11. Staff costs also dropped marginally, with wages and salaries dipping from 24.4m in 2009-10 to 24.1m in 2010-11.
Macfarlanes saw revenue grow 2.5% to 94.7m in 2010-11, up from 92.4m the previous year, while profits per equity partner increased 4.6% to 752,000 from 719,000 in 2009-10.
Macfarlanes senior partner Charles Martin said: “Our accounts are in accordance with what we reported at the end of last year, which was exactly where we expected to be, and as we approach the half-year point next week business is fine.
“I would be surprised if anyone is having a great time and I’m sure people are finding it pretty tough. I think most results will fall somewhere between ok and tough at the end of 2011-12.”
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