Limited Liability Partnership registration number OC303330 (England and Wales)
PILLSBURY WINTHROP SHAW PITTMAN LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PILLSBURY WINTHROP SHAW PITTMAN LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
D. Dekker
M. Oresman
M. Finnegan
LLP registration number
OC303330
Registered office
Level 34, 100 Bishopsgate
London
EC2N 4AG
Auditor
HB Accountants
28 Plumpton House
Plumpton Road
Hoddesdon
Hertfordshire
EN11 0LB
PILLSBURY WINTHROP SHAW PITTMAN LLP
CONTENTS
Page
Members' report
1
Members' responsibilities statement
2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Balance sheet
7
Reconciliation of members' interests
8 - 9
Statement of cash flows
10
Notes to the financial statements
11 - 21
PILLSBURY WINTHROP SHAW PITTMAN LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The members present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the limited liability partnership continued to be that of a full range of legal services and advice from offices in England.

Members' drawings, contributions and repayments

The net profit or loss, and all cash available for distribution by Pillsbury Winthrop Shaw Pittman LLP, is distributed to Pillsbury Winthrop Shaw Pittman LLP (US) pursuant to the Support Agreement between them. The US resident members of Pillsbury Winthrop Shaw Pittman LLP, in their capacity as members of Pillsbury Winthrop Shaw Pittman LLP (US), are able to draw on account of their share of profits of Pillsbury Winthrop Shaw Pittman LLP (US). The UK resident members of Pillsbury Winthrop Shaw Pittman LLP are in that capacity only able to draw on account of their share of the net profits of Pillsbury Winthrop Shaw Pittman LLP.

Designated members

The designated members who held office during the year and up to the date of signature of the financial statements were as follows:

D. Dekker
M. Oresman
M. Finnegan
Auditor

HB Accountants were appointed as auditor to the limited liability partnership and in accordance with section 485 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), a resolution proposing that they be re-appointed will be put at a general meeting.

Statement of disclosure to auditor

Each of the members in office at the date of approval of this annual report confirms that:

- so far as the members are aware, there is no relevant audit information of which the limited liability partnership's auditor is unaware, and

- the members have taken all the steps that they o ught to have taken as members in order to make themselves aware of any relevant audit information and to establish that the limited liability partnership's auditor is aware of that information.

Approved by the members on 8 December 2025 and signed on behalf by:
08 December 2025
M. Oresman
Designated Member
PILLSBURY WINTHROP SHAW PITTMAN LLP
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice. Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the limited liability partnership and of the profit or loss of the limited liability partnership for that period. In preparing these financial statements, the members are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the limited liability partnership will continue in business.

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PILLSBURY WINTHROP SHAW PITTMAN LLP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PILLSBURY WINTHROP SHAW PITTMAN LLP
- 3 -
Opinion

We have audited the financial statements of Pillsbury Winthrop Shaw Pittman LLP (the 'limited liability partnership') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the reconciliation of members' interests, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the limited liability partnership's affairs as at 31 December 2024 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006 as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the limited liability partnership in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the limited liability partnership’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The members are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 as applied to limited liability partnerships requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- we have not received all the information and explanations we require for our audit.

PILLSBURY WINTHROP SHAW PITTMAN LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PILLSBURY WINTHROP SHAW PITTMAN LLP
- 4 -
Responsibilities of members

As explained more fully in the members' r esponsibilities s tatement, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the members are responsible for assessing the limited liability partnership's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the limited liability partnership or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We gained an understanding of the legal and regulatory framework applicable to the LLP and the industry in which it operates and considered the risk of acts by the LLP that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included:

· Evaluation of the design of management’s controls designed to prevent and detect irregularities.

· Testing unusual or unexpected journal entries, particularly those impacting revenue.

· Challenging assumptions and judgements made by management in respect of significant accounting estimates.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the limited liability partnership's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the limited liability partnership's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the limited liability partnership and the limited liability partnership's members as a body, for our audit work, for this report, or for the opinions we have formed.

PILLSBURY WINTHROP SHAW PITTMAN LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PILLSBURY WINTHROP SHAW PITTMAN LLP
- 5 -
Karen Chase (Senior Statutory Auditor)
For and on behalf of HB Accountants, Statutory Auditor
Chartered Accountants
28 Plumpton House
Plumpton Road
Hoddesdon
Hertfordshire
EN11 0LB
10 December 2025
PILLSBURY WINTHROP SHAW PITTMAN LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
2024
2023
Notes
£
£
Turnover
3
29,032,945
25,584,290
Administrative expenses
(19,477,799)
(16,073,950)
Other operating income
2,500,000
-
Operating profit
4
12,055,146
9,510,340
Interest receivable and similar income
8
12,854
12,900
Interest payable and similar expenses
9
-
(7,633)
Profit for the financial year before members' remuneration and profit shares
12,068,000
9,515,607
Members' remuneration charged as an expense
7
(5,052,758)
(4,528,262)
Profit for the financial year available for discretionary division among members
7,015,242
4,987,345

The profit and loss account has been prepared on the basis that all operations are continuing operations.

PILLSBURY WINTHROP SHAW PITTMAN LLP
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 7 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
10
2,702
4,611
Tangible assets
11
4,078,906
460,029
4,081,608
464,640
Current assets
Debtors
12
11,854,441
13,128,238
Cash at bank and in hand
2,672,023
2,542,818
14,526,464
15,671,056
Creditors: amounts falling due within one year
13
(12,073,047)
(13,590,278)
Net current assets
2,453,417
2,080,778
Total assets less current liabilities
6,535,025
2,545,418
Creditors: amounts falling due after more than one year
14
(1,388,211)
-
Net assets attributable to members
5,146,814
2,545,418
Represented by:
Loans and other debts due to members within one year
Members' capital classified as a liability
2,990,316
2,382,453
Other amounts
2,156,498
117,379
5,146,814
2,499,832
Members' other interests
Other reserves classified as equity
-
45,586
5,146,814
2,545,418
The financial statements were approved by the members and authorised for issue on 8 December 2025 and are signed on their behalf by:
08 December 2025
M. Oresman
Designated member
Limited Liability Partnership registration number OC303330 (England and Wales)
PILLSBURY WINTHROP SHAW PITTMAN LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Members' capital
Other amounts
Total
Total
2024
£
£
£
£
Members' interests at 1 January 2024
45,586
2,382,453
117,379
2,499,832
2,545,418
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
-
5,052,758
5,052,758
5,052,758
Profit for the financial year available for discretionary division among members
7,015,242
-
-
-
7,015,242
Members' interests after profit and remuneration for the year
7,060,828
2,382,453
5,170,137
7,552,590
14,613,418
Allocation of profit for the financial year
-
-
7,015,242
7,015,242
7,015,242
Other divisions of profits
(7,015,242)
-
-
-
(7,015,242)
Introduced by members
-
712,704
-
712,704
712,704
Repayment of debt (including members' capital classified as a liability)
-
(104,841)
-
(104,841)
(104,841)
Drawings on account and distributions of profit
-
-
(10,074,467)
(10,074,467)
(10,074,467)
Other movements
(45,586)
-
45,586
45,586
-
Members' interests at 31 December 2024
-
2,990,316
2,156,498
5,146,814
5,146,814
PILLSBURY WINTHROP SHAW PITTMAN LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Members' capital
Other amounts
Total
Total
2023
£
£
£
£
Members' interests at 1 January 2023
45,586
2,079,398
(464,694)
1,614,704
1,660,290
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
-
4,528,262
4,528,262
4,528,262
Profit for the financial year available for discretionary division among members
4,987,345
-
-
-
4,987,345
Members' interests after profit and remuneration for the year
5,032,931
2,079,398
4,063,568
6,142,966
11,175,897
Allocation of profit for the financial year
-
-
4,987,345
4,987,345
4,987,345
Other divisions of profits
(4,987,345)
-
-
-
(4,987,345)
Introduced by members
-
678,025
-
678,025
678,025
Repayment of debt (including members' capital classified as a liability)
-
(270,000)
-
(270,000)
(270,000)
Drawings on account and distributions of profit
-
-
(8,933,534)
(8,933,534)
(8,933,534)
Other movements
-
(104,970)
-
(104,970)
(104,970)
Members' interests at 31 December 2023
45,586
2,382,453
117,379
2,499,832
2,545,418
PILLSBURY WINTHROP SHAW PITTMAN LLP
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
20
13,485,447
10,563,976
Interest paid
-
(7,633)
Net cash inflow from operating activities
13,485,447
10,556,343
Investing activities
Purchase of intangible assets
-
(5,725)
Purchase of tangible fixed assets
(3,903,021)
(303,414)
Proceeds from disposal of tangible fixed assets
529
-
Interest received
12,854
12,900
Net cash used in investing activities
(3,889,638)
(296,239)
Financing activities
Capital introduced by members (classified as debt or equity)
712,704
678,025
Repayment of capital or debt to members
(104,841)
(270,000)
Payments to members
(10,074,467)
(9,038,504)
Net cash used in financing activities
(9,466,604)
(8,630,479)
Net increase in cash and cash equivalents
129,205
1,629,625
Cash and cash equivalents at beginning of year
2,542,818
913,193
Cash and cash equivalents at end of year
2,672,023
2,542,818
PILLSBURY WINTHROP SHAW PITTMAN LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
1
Accounting policies
Limited liability partnership information

Pillsbury Winthrop Shaw Pittman LLP is a limited liability partnership incorporated in England and Wales. The registered office is Level 34, 100 Bishopsgate, London, EC2N 4AG.

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.

The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements are prepared on the going concern basis. The members have a reasonable expectation that the limited liability partnership will continue in operational existence for the foreseeable future. The UK LLP is dependent upon the continued support of the US LLP, who have confirmed that they will continue to support the UK LLP for the next twelve months and for the forseeable future.

1.3
Turnover

Turnover represents the amounts chargeable to clients for professional services provided during the year, inclusive of direct expenses incurred on client assignments, but excluding value added tax.

Turnover is recognised as contract activity progresses and the right to consideration is earned.

Turnover in respect of contingent fee assignments, over and above any agreed minimum fee which is recognised above, is recognised in the period when the contingent event occurs and the fee is assured.

If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the balance sheet date are carried forward as work in progress.

1.4
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the m embers' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

PILLSBURY WINTHROP SHAW PITTMAN LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies (continued)
- 12 -

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

Profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment and the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense and presented as members remuneration charged as an expense in arriving at the result for the relevant year. To the extent that they remain unpaid at the period end, they are shown as liabilities.

Losses are divided only after a decision by the LLP and therefore remain in equity until such a decision is made.

Where there exists an asset and liability component in respect of an individual member's participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
20% - 33% straight line
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
10% straight line
Fixtures, fittings and office equipment
10% - 33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

PILLSBURY WINTHROP SHAW PITTMAN LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies (continued)
- 13 -
1.7
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

PILLSBURY WINTHROP SHAW PITTMAN LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies (continued)
- 14 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

PILLSBURY WINTHROP SHAW PITTMAN LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies (continued)
- 15 -
1.10
Provisions

Provisions are recognised when the limited liability partnership has a legal or constructive present obligation as a result of a past event, it is probable that the limited liability partnership will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Provision is made on a case-by-case basis in respect of the cost of defending claims and, where appropriate, the estimated cost of settling claims. Separate disclosure is not made of claims covered by insurance recoveries expected to be obtained on the grounds that disclosure might seriously prejudice the outcome of the claims.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits and post retirement payments to members

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

No post-retirement payments are payable by the LLP to former members of the LLP.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

PILLSBURY WINTHROP SHAW PITTMAN LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
3
Turnover

An analysis of the limited liability partnership's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Legal services
29,032,945
25,584,290
2024
2023
£
£
Turnover analysed by geographical market
North America
10,492,172
7,993,825
United Kingdom
3,901,655
4,523,842
Rest of Europe
4,555,293
3,950,293
Middle East and Asia
7,079,627
6,517,277
Other
3,004,198
2,599,053
29,032,945
25,584,290
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Exchange losses
442,184
696,343
Depreciation of owned tangible fixed assets
248,155
114,516
Loss on disposal of tangible fixed assets
35,460
-
Amortisation of intangible assets
1,909
1,114
Operating lease charges
1,700,061
873,355
5
Auditor's remuneration
2024
2023
Fees payable to the LLP's auditor and associates:
£
£
For audit services
Audit of the financial statements of the LLP
20,000
36,400
For other services
Audit-related assurance services
20,775
16,500
Taxation compliance services
22,445
34,350
All other non-audit services
11,250
40,550
54,470
91,400

In the current year, the total remuneration payable to the current auditor was £40,000 and payable to the previous auditor

was £34,470.

PILLSBURY WINTHROP SHAW PITTMAN LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
6
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2024
2023
Number
Number
Fee earners
22
19
Support
20
18
Total
42
37

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
5,646,363
4,194,973
Social security costs
749,317
506,209
Pension costs
323,232
280,401
6,718,912
4,981,583
7
Members' remuneration
2024
2023
Number
Number
Average number of members during the year
18
18
2024
2023
£
£
Profit attributable to the member with the highest entitlement
1,616,087
2,060,751
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
12,854
12,900
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Other interest
-
7,633
PILLSBURY WINTHROP SHAW PITTMAN LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
10
Intangible fixed assets
Software
£
Cost
At 1 January 2024 and 31 December 2024
5,725
Amortisation and impairment
At 1 January 2024
1,114
Amortisation charged for the year
1,909
At 31 December 2024
3,023
Carrying amount
At 31 December 2024
2,702
At 31 December 2023
4,611
11
Tangible fixed assets
Leasehold land and buildings
Fixtures, fittings and office equipment
Total
£
£
£
Cost
At 1 January 2024
2,131,066
1,333,649
3,464,715
Additions
3,127,717
775,304
3,903,021
Disposals
(1,899,216)
(621,886)
(2,521,102)
At 31 December 2024
3,359,567
1,487,067
4,846,634
Depreciation and impairment
At 1 January 2024
1,874,411
1,130,275
3,004,686
Depreciation charged in the year
111,985
136,170
248,155
Eliminated in respect of disposals
(1,877,114)
(607,999)
(2,485,113)
At 31 December 2024
109,282
658,446
767,728
Carrying amount
At 31 December 2024
3,250,285
828,621
4,078,906
At 31 December 2023
256,655
203,374
460,029
PILLSBURY WINTHROP SHAW PITTMAN LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,292,446
4,299,928
Gross amounts owed by contract customers
5,637,248
6,102,419
Amounts owed by group undertakings
1,597,401
1,581,706
Other debtors
12,521
169,440
Prepayments and accrued income
314,825
974,745
11,854,441
13,128,238
13
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
396,704
692,577
Amounts owed to group undertakings
10,229,781
11,970,958
Other taxation and social security
613,922
184,826
Other creditors
142,982
403,576
Accruals and deferred income
689,658
338,341
12,073,047
13,590,278
14
Creditors: amounts falling due after more than one year
2024
2023
£
£
Accruals and deferred income
1,388,211
-
15
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
323,232
280,401

The limited liability partnership operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the limited liability partnership in an independently administered fund.

16
Loans and other debts due to members
2024
2023
£
£
Analysis of loans
Amounts falling due within one year
5,146,814
2,499,832

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

PILLSBURY WINTHROP SHAW PITTMAN LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
17
Operating lease commitments
Lessee

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
12,400
427,289
Between two and five years
1,455,258
31,000
In over five years
21,276,426
-
22,744,084
458,289
18
Related party transactions
Transactions with related parties

During the year the limited liability partnership entered into the following transactions with related parties:

Overheads Recharged
Income Support Payment
2024
2023
2024
2023
£
£
£
£
Entities with control, joint control or significant influence over the LLP
5,017,100
4,475,538
2,500,000
-
2024
2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the LLP
10,224,230
11,970,264
Other related parties
5,551
694

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Other related parties
1,597,401
1,581,706
19
Ultimate controlling party

The LLP is controlled by its members as delegated to the management team and as such there is no one controlling party.

PILLSBURY WINTHROP SHAW PITTMAN LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
20
Cash generated from operations
2024
2023
£
£
Profit after taxation
12,068,000
9,515,607
Adjustments for:
Finance costs recognised in profit or loss
-
7,633
Investment income recognised in profit or loss
(12,854)
(12,900)
Loss on disposal of tangible fixed assets
35,460
-
Amortisation and impairment of intangible assets
1,909
1,114
Depreciation and impairment of tangible fixed assets
248,155
114,516
Movements in working capital:
Decrease in debtors
1,273,797
7,223,275
Decrease in creditors
(129,020)
(6,285,269)
Cash generated from operations
13,485,447
10,563,976
21
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
2,542,818
129,205
2,672,023
Loans and other debts due to members:
- Members' capital
(2,382,453)
(607,863)
(2,990,316)
- Other amounts due to members
(117,379)
(2,039,119)
(2,156,498)
Balances including members' debt
42,986
(2,517,777)
(2,474,791)
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