Mundays

Surrey-based Mundays saw an 8 per cent dip in turnover during the 2011–12 financial year, from £9.8m to £9m. This was caused primarily by a reduction in private client work compared with the previous financial year.

Financial controller Will Carver also attributed the decrease to fewer fee-earners after Mundays decided to trim down numbers in both corporate and private wealth, with three redundancies of legal executives. The firm also decided not to replace a small number of resignations.

Mundays saw growth in property work during 2011–12, while corporate and finance remained much the same as the previous year.

Net profit remained fairly static after the firm cut costs by transferring its back-office secretarial support staff and facilities function to business process outsourcing company Intelligent Office UK.

Elsewhere, the number of full equity partners dropped from 12 to 11 after one person moved to fixed-share partnership status. Mundays also promoted four fee-earners into salaried partner positions.

The firm continues to operate a modified lockstep remuneration system, which takes into consideration years of service and performance.

There were no significant additional costs during 2011–12, although the firm did invest in IT having changed a supplier. Carver also hinted that the firm was looking to potentially make some acquisitions in the year ahead.