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Niche City firm Maxwell Winward had a better 2010-11 than 2009-10, with turnover up 5 per cent and back through the £10m barrier to £10.3m.
The real estate team, which struggled in 2009-10, bounced back to contribute strongly to performance. Construction, litigation and employment also did well. The corporate and projects department was down compared with the previous year, but hit its targets nevertheless.
Profitability rose very slightly to £2.9m, a margin of 29 per cent. The firm’s 11 equity partners are on a modified lockstep with remuneration governed largely by performance and discussed among the partnership annually. In 2010-11 average profit per equity partner was £268,000, with the lockstep running from £188,000 to £330,000. The remaining 10 non-equity partners shared out just under £1.2m between them.
Headcount numbers remained relatively static at Maxwell Winward last year. The firm’s partner-to-associate ratio is low at around 1:1.