Scottish firm Harper Macleod’s top-line growth was outstanding in comparison with many of its competitors’, with turnover rising by 13 per cent to break through the £17m barrier.
Profitability, however, was down slightly on 2009-10’s. The equity spread is £90,000-£350,000, but a number of non-equity partners have the ability to earn more than the average for equity partners, who are remunerated on an entirely merit-based system. The average earnings per partner figure, which factors in non-equity partner pay, was £118,000.
The turnover growth came from investment and lateral hires in the 2009-10 financial year. In particular Harper Macleod’s insurance and litigation team has grown so much that it now accounts for 57 per cent of total turnover.
The rest of Harper Macleod’s departments have also grown in revenue terms, although private client work has remained fairly static.
The firm beat its 115-day lockup target by 13 days last year and continues to put a considerable emphasis on reducing client risk and keeping both work-in-progress and debtor days low.