Burness pays staff bonus after strong set of financials
Scottish firm Burness is awarding all staff members a 10 per cent bonus after posting rises in turnover and profits for the 2010-11 financial year.
Philip Rodney
The firm, which has a July year-end, has confirmed that its turnover for 2010-11 was £23.4m, a rise of 10 per cent on the previous year’s figure. Net profit rose 18 per cent to £9.3m while average profit per equity partner (PEP) was £373,000, up 22 per cent on the previous year’s figure of £305,000.
As a result all staff at the firm, excluding partners, will receive a bonus equal to 10 per cent of their 2010-11 salary. In total 197 people will receive the payment.
Last year the firm gave staff a 5 per cent bonus after net profit rose 40 per cent (20 August 2010).
In a statement chairman Philip Rodney said the firm’s 2010-11 results show that the firm is “continuing to win market share”.
“A lot of firms are finding it very tough, at bets many are flatlining” he added. “We’ve focused on quality not size, value not price.
“Our strong performance reflects the success of many of our key clients as they roll out ambitious plans in a challenging environment which also produces opportunities.”
Readers' comments (3)
Anonymous | 11-Aug-2011 1:43 pm
Nice to see Burness doing well. Always a good experience to work with or opposite them
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Anonymous | 11-Aug-2011 3:59 pm
PEP up 22% … would be interesting to know if this is on the back of the same/more EPs or the old law firm management trick of reducing the EPs thereby sharing the cake among less EPs and each getting a lot more (apart from the poor sods given the boot or de-equitised)!
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Cynicical | 11-Aug-2011 4:10 pm
Nice to see the Burness PR machine doing well (see Anon @ 1:43pm)
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