Harper McLeod’s PEP tumbles in spite of improved turnover

For the 2008-09 financial year the firm’s turnover was £14.5m, falling to £14.1m when adjusted for work in progress (WIP). In 2007-08 turnover stood at £14.2m pre-WIP and £13.7m after the adjustment was made. Over the same period the firm’s 19 equity partners saw PEP drop from £250,000 to £235,000.

Chief executive Martin Darroch said the firm had held on to all its staff over the past year by moving ­people between departments, which also allowed it to shift its business focus.

“Excluding partners, we’ve moved 20 per cent of fee-earners out of real estate, corporate and private client into growing areas such as debt recovery,” he said. “Commercial property, ­corporate and private client combined saw a reduction of £1.4m, but insurance, insurance litigation and debt recovery grew by £1.7m. Those figures ­netted created our growth.”