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Maclay Murray & Spens

Maclay Murray & Spens

UK 200 RESULTS 2010

Position:
Movement since 2009

Turnover (£M):
Profit per equity partner (£K):
Earnings per partner (£K):
Equity spread (£K):
Net profit (£M):
Profit margin (%):
Revenue per fee-earner (£K):
Revenue per lawyer (£K):
Revenue per partner (£K):
Revenue per equity partner (£K):
Total number of fee-earners:
Total number of qualified lawyers:
Total number of partners:
Total number of equity partners:
Total number of female partners:
Total number of female equity partners:
Total number of staff:
Leverage ratio (fee-earners per equity partner):

54
DOWN

52.5
265
226.87
140-330
12.7
24
161.0
222.5
783.6
1,093.8
326
236
67
48
19
12
513
3.92

Scotland-headquartered firm Maclay Murray & Spens had a more stable year in 2009-10 than in the previous 12 months, posting a small decrease in turnover coupled with rises in net profit and average profit per equity partner (PEP).

Turnover was down by 5 per cent, from £55.4m to £52.5m, just below the level the firm produced in 2006-07. At the same time net profit rose by 9 per cent, from £11.7m to £12.7m, giving the firm a profit margin of 24 per cent, a rise of three percen-tage points on the previous year.

PEP was up by 20.5 per cent, from £220,000 to £265,000, with the number of equity partners dropping from 53 to 48.

Those on the bottom of the firm’s lockstep took home £140,000, while plateau partners received £330,000. This compares with a spread of £130,000-£280,000 in the previous financial year.

Corporate remains the firm’s largest practice area in terms of revenue, although its share has fallen slightly from 33 per cent in 2008-09.

Similarly, the property practice, the second-largest group, has contracted slightly. Litigation and finance have grown proportionately as a result.

Maclay’s London office, which in 2008-09 generated around 30 per cent of revenue, dropped to 25 per cent, with Aberdeen contributing 10 per cent and Glasgow and Edinburgh each accounting for 32.5 per cent.

UK 200 RESULTS 2009

Position:
Movement since 2008

Turnover (£M):
Profit per equity partner (£K):
Earnings per partner (£K):
Equity spread (£K):
Net profit (£M):
Profit margin (%):
Revenue per fee-earner (£K):
Revenue per lawyer (£K):
Revenue per partner (£K):
Revenue per equity partner (£K):
Total number of fee-earners:
Total number of qualified lawyers:
Total number of partners:
Total number of equity partners:
Total number of female partners:
Total number of female equity partners:
Total number of staff:
Leverage ratio (fee-earners per equity partner):

53
DOWN

55.4
220
184.9
130 - 280
11.7
21
159
227
759
1,045
348
244
73
53
19
6
543
3.6

Scottish-headquartered Maclay Murray & Spens had a tough year in 2008-09, bringing to an end several years’ worth of steady turnover growth.

Average profit per equity partner (PEP) fell by 32 per cent, from £325,000 to £220,000. At the same time turnover fell by 9 per cent, from £61.1m to £55.4m.

In turnover terms the figures effectively take the firm back to 2006-07, when revenue stood at £54.3m. In PEP terms the firm is back to where it was in 2004-05, when PEP stood at £224,000.

Geographically London continues to account for just under a third of turnover, putting it on an equal footing with Glasgow and Edinburgh. Aberdeen accounts for the remainder.

Overall, corporate is the firm’s largest practice area, accounting for around a third of total revenue. A total of 24 partners across the firm’s offices are in the group, down from 26 the previous year.

Property, which houses 15 partners, down from 18 the previous year, is the second-largest practice group, followed by litigation and then finance.

Maclay embarked on a round of redundancies towards the end of the financial year, although no fee-earners were cut from the litigation or private client practices.