Scotland-headquartered Maclay Murray & Spens had another muted year in 2010-11, with turnover falling by 7 per cent to £48.6m and average profit per equity partner dropping by 2 per cent to £259,000.
The 2010-11 financial year was the firm’s last with corporate partner Magnus Swanson as chief executive. Real estate lawyer Chris Smylie took up the mantle in June 2011.
Swanson instigated an internal management restructure at the beginning of 2010-11, at which point the firm had a six-partner strategic board sitting above a committee made up of 12 department heads. After streamlining its departments into four main practice groups - corporate, real estate, finance and advisory - the firm is now managed by a single board made up of Smylie, chairman Rob Laing, the four department heads and an additional partner. The reduction in the number of partners distracted by their involvement in management ultimately helped cashflow, with the firm beating its 150-day lockup target by 19 days in 2010-11.
Around 80 per cent of Maclay’s partners have equity status and are remunerated via a modified lockstep. Equity points range from 60 to 100, with no specific timescale for reaching plateau. There is also a bonus system for exceptional performance.
Towards the end of the financial year the firm moved into new offices in Glasgow’s George Square, taking out term loans to fund the fit-out.