The first ever set of LLP accounts released by Osborne Clarke have shown a growth in profit from £40.7m to £49.7m in the 16 months leading to April this year. Similarly, turnover lifted around 17 per cent to £114.7, in comparison to a 23 per cent increase to £186.8m for Osborne Clarke globally in the 2015/16 financial year.

LLP conversion

Osborne Clarke announced its decision to introduce a limited liability partnership (LLP) structure for its offices in the United Kingdom and United States in 2015, making it one of the last major UK firms to make the switch. The recently released accounts reflect performance in the firm’s UK and US offices, but exclude offices in Asia and Europe which operate under a swiss verein structure as Osborne Clarke International.

Growth across the board

According to the accounts, the highest-paid partner in the LLP took home £913,000 during the 16-month period to April, up from 22 per cent from £748,000 the previous year. The number of partners has grown 9 per cent to 112, while the number of lawyers is up 11 percent to 331. Accordingly, staff costs have increased from £33m to £37.8m, and the firm’s business services staff headcount has grown 12 per cent to 631.

Sources: The Lawyer; Legal Business