Field Fisher Waterhouse increased its net debt by more than 350 per cent from ?727,000 in 2010/11 to ?3.3m in 2011/12, the firm?s latest accounts show.
The top-earning partner?s profit share dropped by 20 per cent from ?680,464 to ?544,232, roughly in line with the 20 per cent drop in average profit per equity partner.
Drawings and distributions at ?35.3m were higher than the firm?s pre-tax profit of ?33.1m, and the firm explained that this was a result of paying some historic balances to partners.???
The firm said in a statement: ?We?re seeing increasing pressure?from clients with regards to payment terms, but remain well within our overdraft facility.?
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Source: http://www.lawyrs.net/news/show/6927/field-fisher-increased-debt-by-350-last-year
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