Withy King’s new managing partner Graham Street de-equitised five partners last year following a structural review. The Bath-headquartered firm, which also has offices in Oxford, Swindon, Abingdon, Thame, Marlborough and London, also implemented new, more transparent performance standards for partner remuneration.
A cautious budget meant that Withy King nearly achieved its turnover and profit targets, falling slightly short. Revenue came in at £15.7m, just below 2009-10’s record £15.9m, while the average profit per equity partner figure was £142,000. The equity range at Withy King is wide at £81,000-£203,000.
Diversification into personal injury and clinical negligence has paid off, with these departments jointly contributing £5m of turnover. The firm invested in its Oxford office with two hires following the September 2008 merger with Marshall & Galpin.
The growth was funded through capital contributions, which have remained static, and borrowings, which are gradually reducing.