UK branch of K&L Gates running at a loss
K&L Gates ran at a loss in 2012, with profits of £3.61 million eclipsed by the £5.35 million sum paid to partners, leaving a £1.74 million loss for the 2012 financial year.
Legal Week reports that the UK branch also ran at a loss in 2011, making profits of £2 million and paying partners a total of £4.7 million, leaving a £2.7 hole in the budget.
The firm’s published reports show that property costs for the UK offices, including land and building lease fees, were at $13.4 million in 2012. The firm has been attempting to reign in those costs, offering 12,000 feet of space in its London premises for sublease, without success.