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The reduction puts the firm on a steadier financial footing compared with its competitors, many of which have no debt.
August 21, 2019 at 06:42 AM
1 minute read
Editor-In-Chief
Herbert Smith Freehills reduced its debt levels by more than £80 million during the last financial year, after an aggressive push to tighten up its financial discipline.
The firm had net debt of £146 million at the end of April 2018, but this was cut to about £65 million by April 2019, the firm told Legal Week. The net debt figure is calculated by taking gross debt minus the cash on the balance sheet.
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