Ledingham Chalmers enjoyed another stable year, with turnover increasing from £9.2m to £9.5m and average profit per equity partner (PEP) dropping marginally, from £142,000 to £138,000. Chairman David Laing put the decrease in PEP down to an expansion of the all-equity partnership from 24 to 26 throughout the year, which was the result of lateral hires and internal partner promotions.
Of overall turnover, 38 per cent comes from property, including residential property, which is part of the firm’s private client practice. Ledingham also has a strong commercial and development offering within its real estate practice. Corporate contributes 28 per cent of turnover and litigation 27 per cent.
The Aberdeen firm, which also has offices in Inverness and Edinburgh, has a merit-based remuneration system. Partners are rewarded partly on an estimate of future productivity plus a retrospective review of the year’s performances. There is no upper or lower earning limit.