Herbert Smith Freehills’ (HSF’s) bank borrowings grew by 38% for 2012-13, as the firm’s UK fee income dipped by 1.6%.

The firm’s latest limited liability partnership (LLP) accounts, the first to be filed since legacy Herbert Smith and Australia’s Freehills merged in 2012, show that total bank borrowings increased by more than £30m, rising from £80.2m to £110.7m