Midlands firm Flint Bishop & Barnett has restructured its equity partnership, sending its average profit per equity partner (PEP) rocketing past the £500,000 mark in the process.
The firm saw its turnover drop by £200,000 last year to £12.8m. However, each of the firm's six equity partners took home a hefty £530,000, making them richer than partners at City firms such as CMS Cameron McKenna and Norton Rose.
Flint Bishop has cut the number of equity partners from 15 to six over the past 10 years. This year the firm decided to ditch its merit-based remuneration system, instead electing to give all equity partners the same share of the firm's £3.2m profit.
The firm has 22 partners including the six equity partners, with total partner remuneration standing at £4.4m.
The firm attributed the downturn in revenue to the loss of its place on the Royal Bank of Scotland's panel, which caused a shortfall in fees of almost £2m this year.
Other practice areas have stepped up to counter the loss of work, with the alcohol licensing practice now advising on 3 per cent of England's licensing applications.