Bryan Cave Leighton Paisner has filed the final LLP accounts for Berwin Leighton Paisner, revealing falling financials at the legacy U.K. firm prior to its trans-Atlantic merger with Bryan Cave last year.
The accounts, which cover the 12 months through April 30, 2018, show operating profit at Berwin Leighton fell by 21 percent from $95.3 million to $74.8 million during the year, while fee income fell 3 percent from $356.3 million to $346.4 million.
After the merger, which went live at the start of April 2018, the combined firm adopted a U.S.-style remuneration model for partners in a move away from the traditional U.K. lockstep.
Berwin Leighton’s highest earning partner during 2017-18 made $1.84 million, in line with the previous year’s figure. The average number of legal staff increased 3 percent to 769, although overall head count was down slightly as support staff numbers fell by 4 percent. Total staff costs rose 7 percent to $167.9 million.
Bryan Cave also announced Tuesday its first combined financial results since the merger, touting a revenue figure of $905 million for the 2018 calendar year, which the firm claimed represents growth of 1 percent based on constant exchange rates. The firm also said partner profits had risen by 5 percent, but declined to provide a figure.
The trans-Atlantic firm said that since the merger, collaboration efforts had resulted in “more than 600 cross-working and referral matters,” which had generated revenues of around $20 million.
“We are very pleased to see revenue growth and increased [profits per equity partner] in our first year,” co-chairs Lisa Mayhew and Terry Pritchard said in a statement. “The firm has moved remarkably fast to integrate, with our lawyers forming increasingly strong connections to their clients and each other.”
Meanwhile, Addleshaw Goddard has also filed its LLP accounts for 2017-18, shedding light on the value of its June 17 combination with Scotland’s HBJ. While no consideration was paid for the transaction, the accounts state that HBJ had total assets of $17.2 million and total liabilities of $2 million, equating to a total value of $15.2 million.
Meanwhile, the firm’s top-earning equity partner inched above the £1 million mark ($1.31 million) for the first time since 2015-16, having slipped to $1 million in 2016-17, which the firm at the time attributed to the impact of the Brexit referendum.
Owing in large part to the merger, profits also jumped from $84.1 million to $109.7 million, while the firm’s total head count increased by 167 to 1,369.
Addleshaws’ merger with HBJ went live on June 1, 2017, and exceeded revenue expectations after the firm released its first post-merger financial results in July last year, adding more than $52.6 million to the firm’s top line.