Southampton’s Paris Smith prides itself on its property practice, generating around a third of its revenue from the sector. But continuing uncertainty in the market contributed to the drop in the firm’s total revenue, from £10.5m to £9.9m, last year. In contrast, revenue per lawyer was up slightly, from £150,000 to £153,000.
The firm has boosted its corporate practice recently, raiding Blake Lapthorn and Clifford Chance for partners. It also has significant practices in family, tax and estate planning, as well as in dispute resolution and employment.
Paris Smith is overhauling its management structure to separate strategy from the day-to-day running. Its existing executive board is to be replaced by two new committees early next year.
An executive committee will comprise the senior partner, managing partner, two elected partners and two appointed partners, while a management committee will include the managing partner, practice director and heads of departments. The firm operates a pure lockstep remuneration system.