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Scottish firm Burness has overhauled its management structure following a decision by the current managing partner to leave the partnership, as revealed last week at www.thelawyer.com/ lawyernews
Managing partner Alan Stewart is quitting after spending only a year and a half in the role. He will be replaced by finance director Martin Sweet, who will become director of operations. Stewart will stay on at the firm as a part-time consultant. He will also take up a number of non-executive positions in family businesses. The appointment of Sweet heralds a change to a more corporate management structure at the 34-partner firm. He will run the firm with chairman John Rafferty and a management board consisting of all the firm's group heads. Burness has announced revenues of £12.5m for the year ending July, an 18 per cent increase on the previous financial year. Rafferty said the firm's profit margin was over 25 per cent of turnover and that profits were up on the previous year. He added that the firm's banking department was the group that had grown the most from the previous financial year. The firm has also created a bonus scheme. All employees of the firm, including fixed share partners, will receive a bonus amounting to approximately 6 per cent of their salaries.