Company No: OC378101 (England and Wales)

Contents

• Limited Liability Partnership Information
• Members' Report
• Members' Responsibilities Statement
• Accountant's Report
• Profit and Loss Account
• Balance Sheet
• Reconciliation of Members' Interests
• Notes to the Financial Statements

DESIGNATED MEMBERS	J Gerak
	C M Keen
	S J McMenemy

REGISTERED OFFICE	St Paul's House
	8-10 Warwick Lane
	6th Floor
	London
	EC4M 7BP
	United Kingdom

REGISTERED NUMBER

OC378101 (England and Wales)

ACCOUNTANT	Gravita Business Services Limited
	Finsgate
	5-7 Cranwood Street
	London
	EC1V 9EE
	United Kingdom

The members present their annual report together with the unaudited financial statements of Ogletree Deakins International LLP (the "LLP") for the financial year ended 31 December 2022.

PRINCIPAL ACTIVITIES

The principal activity of the LLP is to provide legal services.

GOING CONCERN

The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future, being the period of at least 12 months from the date when the financial statements are authorised for issue. Thus, members have adopted the going concern basis in preparing the financial statements. Further details are provided in the notes to the financial statements.

**MEMBERS**

The LLP members, who served the LLP during the financial year and to the date of this report , except as noted, were as follows:

A Abitbol (Appointed on 1 February 2022)
J M Albiol
S Bloch
U S Conradi
K Dulac (Appointed on 20 January 2022)
R B James
C Martin
D A McGuigan
N Peixoto
J Piran (Appointed on 1 April 2022)
J T Tarka (Appointed on 1 January 2023)

DESIGNATED MEMBERS

The designated members, who served the LLP during the financial year and to the date of this report, except as noted, were as follows:

J Gerak
C M Keen
S J McMenemy
A Abitbol	(Appointed 01 February 2022)
J M Albiol
S Bloch
U S Conradi
K Dulac	(Appointed 20 January 2022)
R B James
C Martin
D A McGuigan
N Peixoto
J Piran	(Appointed 01 April 2022)
J T Tarka	(Appointed 01 January 2023)

POLICY REGARDING MEMBERS' DRAWINGS AND THE SUBSCRIPTION AND REPAYMENT OF AMOUNTS SUBSCRIBED OR OTHERWISE CONTRIBUTED BY MEMBERS

Certain members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Members draw a proportion of their profit shares monthly during the year in which it is made.

SMALL LIMITED LIABILITY PARTNERSHIP PROVISIONS STATEMENT

This report has been prepared in accordance with the small companies regime under the Companies Act 2006, as applied to limited liability partnerships.

MEMBERS' INDEMNITIES

The LLP has made qualifying third party indemnity provisions for the benefit of its members which were made during the year and remain in force at the date of this report.

BRANCHES

The LLP has branches in Paris and Berlin.

Approved by the members and signed on their behalf by:

S J McMenemy Designated member

St Paul's House
8-10 Warwick Lane
6th Floor
London
EC4M 7BP
United Kingdom

19 December 2023

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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". Under company law, as applied to LLPs, 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 LLP and of the profit or loss of the LLP for that financial year.

In preparing these financial statements, the members are required to:

* Select suitable accounting policies for the LLP's financial statements and then apply them consistently;

* Make judgments and accounting estimates that are reasonable and prudent; and

* Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business.

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

In order to assist you to fulfil your duties under the Companies Act 2006 as applied to Limited Liability Partnerships, we have prepared for your approval the financial statements of Ogletree Deakins International LLP for the financial year ended 31 December 2022 which comprise the Profit and Loss Account, the Balance Sheet, the Reconciliation of Members' Interests and the related notes 1 to 11 from the LLP’s accounting records and from information and explanations you have given us.

We are subject to the ethical and other professional requirements of the Institute of Chartered Accountants in England and Wales (ICAEW) which are detailed at _http://www.icaew.com/en/members/regulations-standards-and-guidance_.

It is your duty to ensure that Ogletree Deakins International LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Ogletree Deakins International LLP. You consider that Ogletree Deakins International LLP is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of Ogletree Deakins International LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

This report is made solely to the members of Ogletree Deakins International LLP, as a body, in accordance with the terms of our engagement letter dated 05 March 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Ogletree Deakins International LLP and state those matters that we have agreed to state to members of Ogletree Deakins International LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ogletree Deakins International LLP and its members as a body for our work or for this report.

Gravita Business Services Limited
Accountant

Finsgate
5-7 Cranwood Street
London
EC1V 9EE
United Kingdom

19 December 2023

	Note	2022		2021
		£		£
Turnover		12,556,909		9,700,741
Administrative expenses		( 9,281,889)		( 8,112,267)
Operating profit	3	3,275,020		1,588,474
Profit for the financial year before members' remuneration and profit shares		3,275,020		1,588,474
Members' remuneration charged as an expense	4	(2,922,620)		(2,783,284)
Profit/(loss) for the financial year available for discretionary division among members		352,400		( 1,194,810)

	Note	2022		2021
		£		£
Fixed assets
Tangible assets	6	665,770		746,994
		665,770		746,994
Current assets
Debtors
- due within one year	7	5,269,780		3,941,767
- due after more than one year	7	395,067		241,827
Cash at bank and in hand		2,690,686		1,003,671
		8,355,533		5,187,265
Creditors: amounts falling due within one year	8	( 8,931,858)		( 6,197,214)
Net current liabilities		(576,325)		(1,009,949)
Total assets less current liabilities		89,445		(262,955)
Net assets/(liabilities) attributable to members		89,445		( 262,955)
Represented by
Members' other interests
Other reserves		89,445		(262,955)
		89,445		(262,955)
		89,445		(262,955)
Total members' interests
Members' other interests		89,445		(262,955)
		89,445		(262,955)

For the financial year ending 31 December 2022 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Members' responsibilities:

• The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared in accordance with the provisions applicable to Limited Liability Partnerships subject to the small Limited Liability Partnerships regime.

The financial statements of Ogletree Deakins International LLP (registered number: OC378101) were approved and authorised for issue by the Board of Directors on 19 December 2023. They were signed on its behalf by:

S J McMenemy Designated member

	EQUITY Members' other interests			Total members' interests
	Members' capital (classified as equity)	Other reserves	Total	Total
	£	£	£	£
Balance at 01 January 2021	0	931,855	931,855	931,855
Loss for the financial year available for discretionary division among members	0	(1,194,810)	(1,194,810)	(1,194,810)
Members' interest after loss for the financial year	0	(262,955)	(262,955)	(262,955)
Balance at 31 December 2021	0	(262,955)	(262,955)	(262,955)
Profit for the financial year available for discretionary division among members	0	352,400	352,400	352,400
Members' interest after profit for the financial year	0	89,445	89,445	89,445
Balance at 31 December 2022	0	89,445	89,445	89,445

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Ogletree Deakins International LLP is a limited liability partnership incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the LLP's registered office is St Paul's House 8-10 Warwick Lane, 6th Floor, London, EC4M 7BP, United Kingdom. The principal activities are set out in the Members’ Report.

These financial statements have been prepared under the historical cost convention and in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" as applicable to limited liability partnerships subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The functional currency of Ogletree Deakins International LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the LLP operates.

Going concern

The members have assessed the Balance Sheet and likely future cash flow at the date of approving these financial statements. At the balance sheet date, the LLP has net assets of £89,445 (2021: net liability of £262,955 ) and made profit before members' remuneration and profit shares of £3,275,020 (2021: £1,588,474). The LLP has cash reserves and the members have indicated that they will continue to support the LLP. The members have indicated that they will not request payment of their loan within 12 months of the date of signing the financial statements. As a result, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements.

At the time of signing, based on continued financial support noted above, continued expansion of client base and current funds in the bank, the members do not consider any material uncertainty exists that would impact the LLP’s ability to continue as a going concern. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the Profit and Loss Account.

Turnover

Turnover represents amounts chargeable to clients for professional services provided during the year, inclusive of direct expenses incurred but excluding value added tax. Revenue is recognised for all work performed in the year where the recoverability of the consideration can be assessed with reasonable certainty except where the consideration is contingent. Where revenue cannot be assessed with reasonable certainty or is contingent on a future event, no turnover is recognised.

Unbilled turnover on individual client assignments, or revenue recognised in excess of payments received on account, is included in accrued income within debtors.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements.

Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Land and buildings	depreciated over the life of the lease
Fixtures and fittings	5 - 7 years straight line

Land and buildings consists wholly of short term leasehold property.

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 credited or charged to profit or loss.

Leases

The LLP as lessee
Rentals under operating leases are charged to the Profit and Loss Account on a straight line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the LLP reviews 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. Where it is not possible to estimate the recoverable amount of an individual asset, the LLP estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Financial instruments

Financial assets and financial liabilities are recognised when the LLP becomes a party to the contractual provisions of the instrument.

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 LLP after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the LLP intends either 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.

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 payments 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.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Pensions

The entity sponsors a defined contribution pension scheme and makes mandated contributions to a statutory insurance program. The pension charge represents the amounts payable by the entity to the programs in respect of the period.

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the members‘ 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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland’, and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships. A member's participation right results in liability unless the right to any payment is discretionary on the part of the LLP.

Amounts subscribed or otherwise contributed by members, for example, members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

Where profits are divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the Profit and Loss Account in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the Statement of Financial Position.

Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the Profit and Loss Account and are equity appropriations in the Statement of Financial Position.

Other amounts applied to members, for example, remuneration paid under an employment contract, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.

Amounts due to members that are classified as equity are shown in the Statement of Financial Position within 'Members' other interests'. In the event of the winding up of the LLP then any surplus of assets of the LLP over its liabilities remaining at the conclusion of the winding up after payment of all monies due to the creditors of the LLP and all expenses of the winding up and repayment to all Partners of their capital contributions shall be payable by the liquidator in line with the LLP's members agreement.

Remuneration of members

Certain members can be remunerated out of the profits of the LLP (and can also be remunerated separately out of the profits of the associated US firm in their capacity as members in that firm) and are required to make their own provision for pensions and other benefits. Certain members, as designated from time to time in a separate agreement between such members and the US firm, hold such portion of the interest allocated to them in the profits of the LLP for the benefit of the members of the US firm.

Unallocated profits and losses are included in other reserves within members' other interests.

**Capital**
Under the terms of the Members' Agreement relating to the LLP, the members of the LLP are required to make capital contributions to the LLP as determined from time to time by the Management Committee.

2. Employees

	2022		2021
	Number		Number
Monthly average number of persons employed by the LLP during the year	55		40

3. Operating profit/(loss) and profit/(loss) before taxation

Operating profit/(loss) and profit/(loss) before taxation is stated after charging/(crediting):

	2022		2021
	£		£
Depreciation of tangible fixed assets	96,058		84,841
Pension costs	104,292		113,279
Bad debts	36,827		237,834
Foreign exchange (gains)/losses	( 223,825)		181,883
Transfer pricing	2,797,472		2,347,369

4. Members' remuneration

Listed below are details of the members and members' remuneration during the year.

	2022		2021
	Number		Number
Average number of members during the financial year	13		11

The average members' remuneration during the year was £251,924 (2021: £145,190). Members' remuneration paid under the terms of the LLP agreement is £2,922,620 (2021: £2,783,284).

5. Turnover

96.9% of the entity's turnover (2021: 95.5%) is attributable to geographical markets outside the United Kingdom.

6. Tangible assets

	Land and buildings		Fixtures and fittings		Total
	£		£		£
Cost
At 01 January 2022	555,671		709,136		1,264,807
Additions	8,580		0		8,580
Exchange adjustment	3,752		6,912		10,664
At 31 December 2022	568,003		716,048		1,284,051
Accumulated depreciation
At 01 January 2022	81,285		436,528		517,813
Charge for the financial year	51,328		44,730		96,058
Exchange adjustment	( 1,320)		5,730		4,410
At 31 December 2022	131,293		486,988		618,281
Net book value
At 31 December 2022	436,710		229,060		665,770
At 31 December 2021	474,386		272,608		746,994

Land and buildings consists wholly of short term leasehold property.

7. Debtors

	2022		2021
	£		£
Debtors: amounts falling due within one year
Trade debtors	3,458,703		2,483,788
Prepayments and accrued income	1,585,841		1,212,573
Other debtors	225,236		245,406
	5,269,780		3,941,767
Debtors: amounts falling due after more than one year
Other debtors	395,067		241,827

Included within prepayments and accrued income is £273,919 (2021: £16,821) prepayments and £1,311,922 (2021: £1,195,752) accrued income.

8. Creditors: amounts falling due within one year

	2022		2021
	£		£
Trade creditors	0		653
Amounts owed to related parties	8,369,390		5,517,074
Other taxation and social security	282,586		342,524
Other creditors	279,882		336,963
	8,931,858		6,197,214

Amounts owed to related parties are interest free and unsecured.

Whilst the loan amounts owed to related parties have been classed as creditors falling due within one year, the members note there is no intention for the amounts to be called for repayment within this period unless the LLP has sufficient funds to do so.

9. Financial commitments

Commitments

Land and building

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2022		2021
	£		£
within one year	1,002,898		1,013,954
between one and five years	4,529,065		3,540,361
after five years	2,635,188		2,959,443
	8,167,151		7,513,758

Other financial commitments

	2022		2021
	£		£
Within one year	23,827		35,327
Within one and five years	55,240		77,243
After five years	0		4,208
	79,067		116,778

Pensions

The LLP operates a defined contribution pension scheme for the members and employees. The assets of the scheme are held separately from those of the LLP in an independently administered fund. The pension cost charged to Profit and Loss Account in the year totaled £104,292 (2021: £113,279). Contributions totaling £1,729 (2021: £13,946) were payable at year end to the fund at the balance sheet date and are included in creditors. .

10. Related party transactions

There are regular transactions between the UK firm and its associated firm in the US, a firm with common ownership. Such transactions may include the provision and repayment of working capital funding and charges for shared overheads. At 31 December 2022, amounts totalling £8,369,390 (2021: £5,483,432) were owed by the UK LLP to the US firm as a result of these transactions. These amounts were classed as creditors falling due after more than one year after the balance sheet date in the prior year but have been re-classed as creditors falling due within one year as there is no formal loan agreement between the parties.

11. Ultimate controlling party

The ultimate controlling party is considered to be the Executive Committee of the LLP, all of whose members are Registered Foreign Lawyers who reside in the United States ànd thus have made management decisions concerning the LLP largely from the United States.