Kingsley Napley’s turnover grew by almost 16 per cent in 2010-11 to £24.9m, with criminal, regulatory and employment all exceeding budgets. Net profit nudged up from £4.25m to £4.3m, while average profit per equity partner rose by 2 per cent, from £425,000 to £435,000.
The London-based firm’s headcount expanded last year, with Kingsley Napley increasing its qualified lawyer base by 35 per cent. The average partner headcount, however, fell slightly, from 41 to 38, while the equity partnership remained stable at 10.
The firm is open to laterals in key areas of growth, recruiting partner Michelle Chance from Fox Lawyers into its employment department in July 2010. It is currently looking to expand its private client team.
Kingsley Napley is managed on a day-to-day basis by a five-person team, with managing partner Linda Woolley the only partner. Woolley retains strong decision-making powers and holds fortnightly meetings with the 13 equity partners.
The firm operates a modified lockstep of 50-100 points. While Woolley and senior partner Christopher Murray handle appraisals, a remuneration committee made up of Woolley, Murray and two equity partners take decisions on the merit pool.
It also has a performance pool of £100,000 with a discretionary distribution. Woolley anticipates that, despite retaining a modified lockstep, one-third of profit will be delivered on a merit basis in the current financial year.