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Nelsons incorporated into a limited company last year, a decision that resulted in several key changes to the firm’s structure. Primarily, partners are now shareholders. This has led to a change in the Nottinghamshire firm’s remuneration system, with dividends now included alongside the existing modified lockstep. The merit-based element continues to be moderated by an elected remuneration committee and measured against a range of defined competencies. The shareholders also now elect the majority of members on the firm’s board of directors.
Nelsons has felt the brunt of the harsh economic climate in recent years, posting significant falls in revenue between 2007-08 and 2009-10. Last year the firm managed growth of 1 per cent, attributed mainly to a 30 per cent hike in corporate. Other areas of growth include commerce and technology, employment and personal injury.
The firm is anticipating a slight rise in average profit per equity partner this year and says it is not planning any further redundancies.