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Scottish firm Biggart Baillie had a stable year, recording a flat turnover of £16.2m. But it became much more profitable, recording an average profit per equity partner increase of 25 per cent to attain £171,000 compared with a top-of-equity of £161,000 in 2009-10.
The profitability increase was managed through the disposal of surplus property and the aggressive management of supplier costs, helping to offset the fee pressure imposed in the firm’s key property and public sector practices.
The firm is refocusing some of its practice areas to look at new industries, such as life sciences, transport and green energy.
Difficulty persuading clients to pay up gave Biggart Baillie 62 debtor days last year. Coupled with a work-in-progress of 44 days the firm missed its 90-day lockup target by 16 days.
Biggart Baillie’s headcount barely grew last year, although management has not ruled out expansion.