Davenport Lyons

Turnover (£m): 23.1
Average PEP: 247
Equity spread (£k): 247-247
Profit margin (%): 11
RPL (£k): 266

It was a steady year for Davenport Lyons, with turnover up by 7.4 per cent from an estimated £21.5m to a declared £23.1m. Net profit was around £2.5m.

The firm said it took a strategic decision not to make any lawyers or staff redundant during the recession. Instead it took out a loan facility from RBS in 2008 to fund a hiring spree.

Since then it has expanded by adding 20 senior lateral hires, including Hill ­Dickinson partner Phillip D’Costa and SJ Berwin associate Angela Stallard in ­January.

Davenport Lyons keeps it equity tight, with just 10 of its 53 partners on equity ­status. However, fixed-share partners also take home a portion of the equity pot, with discretionary bonuses awarded.

There is no managing partner status. ­Instead the firm is driven strategically by a board of four partners made up of board chairman Michael Hatchwood, Kevin Bays, Jeanette Gregson and Marie van der Zyl.