Maclays beats expectations with 21 per cent profit growth

Maclay Murray & Spens chief executive Magnus Swanson said the firm “beat expectations” as it released its end-of-year results on Friday (28 July).

The firm’s profits increased 21 per cent to a net of £15.7m, making an average of £275,000 for Maclay’s 57 equity partners. This is the first year that Maclays, which converted to a limited liability partnership on 1 July, has formally released details of its profits.

Turnover also increased significantly, up 13 per cent to £48.7m. The figure is subject to an FRS 5 adjustment, although Swanson said he was not expecting this to be significant.

Swanson said the last year had been one of “quiet and stable” growth after a period in which Maclays expanded significantly, primarily via the acquisition of The City Law Partnership 18 months ago.

Maclays also merged its Scottish and English practices into a single partnership during the year. Swanson said the main advantage was that it “lifted a significant internal administration burden”.