The rate of growth slowed at Speechly Bircham last year, with turnover up by just 1.8 per cent to £59.5m. This followed a stellar year in 2009-10, when revenue accelerated by 37 per cent, from £45.4m in 2008-09 to £58.4m.
The firm’s average profit per equity partner experienced a reversal in fortune, with the figure down by 10 per cent on the previous year to £384,000 from £428,000. Similarly the equity spread moved downwards, with those at the top of the lockstep taking home £504,000 compared with £570,000 a year earlier, while the bottom of equity slipped to £217,000 from £245,000.
The firm has a modified lockstep running from 40 to 100 points. Partners usually go up or down by between five and 10 points each year based on performance, although in exceptional cases these can be higher.
The firm implemented a structural review in summer 2010 that led to the creation of a sector-based approach. Speechly’s core targets areas are financial services, private wealth, technology, real estate and construction.
The firm’s corporate finance practice was the biggest contributor for the past financial year, generating 48 per cent, or £28.8m, of overall revenue.