Scottish firm Lindsays had a tough year, with a 14 per cent dip in turnover, from £11.6m to £10m, caused primarily by a drop in corporate, property and banking work. The ongoing impact of the firm offloading its investment management division to private bank Brown Shipley in 2009-10 also contributed to this drop.
The difficult market environment forced Lindsays to shed nine people from corporate, litigation, property and support groups.
However, managing partner Alasdair Cummings believes work is beginning to stabilise, with estate agency work picking up pace in the Edinburgh and East Lothian offices. He is also seeing an increase in litigation and private client work. The firm’s role in the takeover of Edinburgh College of Art by the University of Edinburgh boosted corporate and property revenues.
Lindsays operates an entirely merit-based remuneration system for partners, with credit awarded by the management board, which consists of Cummings, the chief operating officer and two non-executive board members.