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.