Turnover at Turcan Connell nudged up from £21.9m in 2009-10 to £22.3m last year. The bulk of the firm’s revenue continued to come from its private client work, such as its trust and tax activities. The asset management side of the business also saw growth last year when, according to joint senior partner Douglas Connell, managing client expectations remained a contentious issue.
With regard to cashflow, Connell said the firm met its lockup target and will improve performance further by moving towards client billing on a monthly basis. Clients will also be advised electronically of work-in-progress levels every month.
Partner numbers increased by three last year to 21. Connell said more partners were brought in to attempt to address succession planning issues. Mike Kane, formerly head of corporate at specialist property practice Bell & Scott, joined the Edinburgh office to head the family business practice. Kane’s former firm was acquired by Scottish rival Anderson Strathern in June 2011.
Turcan Connell operates a modified lockstep, the merit part of which was reviewed last year. The firm is increasingly developing bespoke reward solutions for partners.
While the Legal Services Act will not apply in Scotland, the firm will take advantage of that country’s own version of the legislation to move to a structure that will see non-lawyers become equity partners. Connell expects the firm to be an alternative business structure partnership by 2012.