Field Fisher increased debt by 350% last year
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.”