The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
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”.