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July 23, 2013 | International Edition

DAC Beachcroft pulls out of Birmingham office move due to cost concerns

DAC Beachcroft has postponed its planned move into new Birmingham premises for at least 12 months while it sizes up more cost-effective alternatives. The firm had agreed to take up 58,000 sq ft at 2 Colmore Square in Birmingham's business district but last week pulled the plug on the deal with landlord Nurton Developments due to concerns over cost. The firm is to remain in its existing office at Nine Brindleyplace while it weighs up its options in the city.
2 minute read
June 20, 2013 |

Whistle while you work – a happy team is a productive team, and other myths

Back when the downturn first started to bite, it was an acknowledged – if not popular – fact that many law firms were more heavily resourced than they needed to be, and so for many it was no great surprise when the first wave of redundancies hit the market in 2008-09. Since then, of course, there has been something of a pandemic of job cuts – not least in recent months – as firms take increasingly tough measures to control costs as the long-awaited market recovery fails to emerge. As such, our annual Employee Satisfaction Report (ESR), which this year canvassed the views of almost 4,000 lawyers below partner level at leading firms practising in the UK, has provided a regular barometer of the mood at the junior end of the market.
5 minute read
March 27, 2013 |

Numbers game – LLPs offer chance to look beyond PEP and revenue

It's all about the numbers this week, with our monthly news analysis drawing on the annual accounts of the UK's 30 largest law firms to create a comparison across, well, so many financial metrics it's almost impossible to decide what to highlight. Statistics can, of course, be manipulated in all manner of ways to produce all manner of results. But, hopefully, by comparing all of the firms on the same measures, we have removed some of the fuzziness around the edges.
7 minute read
March 27, 2013 | International Edition

Crunching the numbers - going behind the headline figures to look at the top 30's financial health

Caroline Thorpe pores over the top 30 UK firms' LLP accounts covering the past two financial years and assesses their performance during the ongoing financial storms
16 minute read
March 21, 2013 |

Down payment – should firms face up to reality and cut NQ pay?

A report this week by City recruitment company Edwards Gibson arguing that law firms need to reassess pay for junior lawyers is particularly timely, given our cover story today. The recruiter's claim that top law firms should consider substantially cutting newly qualified salaries comes as Legal Week research shows staff costs at the UK's leading law firms are continuing to soar, with total costs across the bulk of the top 30 up 7% year-on-year to a grand total of £4.5bn – well over a third of total fee income.
7 minute read
March 21, 2013 | International Edition

Staff costs soar as top UK firms pay out almost 50% of revenues

The UK's top 30 law firms spent almost half of their combined turnover on staff costs during the last financial year, with the total bill coming to £4.5bn. Legal Week analysis of limited liability partnership (LLP) accounts filed with Companies House for the 2011-12 financial year shows total staff costs for both lawyers and support staff accounted for 42% of fee income, with the total amount spent rising by 7.3% year-on-year.
3 minute read
February 14, 2013 | International Edition

Firms tackle debt conundrum as LLP accounts expose borrowing burden

Half of the UK's 20 largest law firms are carrying some degree of bank borrowing, limited liability partnership (LLP) accounts have revealed, as law firm debt comes increasingly into focus in the wake of the recent collapse of Cobbetts. Accounts filed with Companies House for the 2011-12 financial year show that 10 of the UK top 20 are carrying debts, with seven seeing their debt increase since the 2010-11 financial year: DLA Piper, Herbert Smith Freehills, Clyde & Co, Simmons & Simmons, Berwin Leighton Paisner, Irwin Mitchell and SJ Berwin.
3 minute read
February 05, 2013 | International Edition

DAC Beachcroft LLPs reveal rising debt and £8.3m cost of DAC merger

DAC Beachcroft saw its net debt climb from £10m to £34m during the last financial year, with accounts recently filed with Companies House revealing that £8.3m of this was used to fund Beachcroft's acquisition of legacy Davies Arnold Cooper. The limited liability partnership (LLP) accounts show the debt comprised £29.6m of bank overdrafts, compared with £5.1m the previous year, with a slight increase in bank loans as well to just over £8m.
2 minute read
January 13, 2012 | International Edition

Wragges LLPs reveal one-off £10.5m cost of delayed Birmingham move

Wragge & Co's highest-paid partner took home £734,000 in 2010-11, up from £444,000 the preceding financial year, according to accounts recently filed with Companies House. The UK top 25 firm's audited turnover was £112.9m, up from £98.2m in 2009-10, but reported operating profit fell from £30.2m to £28m due to a one-off £10.5m property expense. Operating profit before the property cost stood at £38.6m.
3 minute read
January 11, 2012 | International Edition

Beachcroft pre-merger LLPs reveal bank loans for international growth

Legacy Beachcroft agreed £3m in new loans during the last financial year to finance its Singapore launch and revamp its Birmingham office, according to 2010-11 limited liability partnership (LLP) accounts recently filed with Companies House. The accounts state that the firm, which merged with Davies Arnold Cooper on 31 October 2011 to form DAC Beachcroft, secured loans totalling £3m to finance the ventures.
2 minute read

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