Thrings

Turnover (£m): 21.8
Average PEP: 127
Equity spread (£k): 84-161
Profit margin (%): 11
RPL (£k): 173

The freshly rebranded Thrings (formerly Thring Townsend Lee & Pembertons) saw a reduction in its lawyer headcount last year, from 136 to 126. It also de-equitised six partners, with four becoming fixed-share, one becoming a consultant and the other leaving the firm.

Turnover remained flat at £21.8m, which has been attributed to the squeeze in ­transactional corporate work and ­commercial litigation. The firm has also gradually been shrinking the amount of private client work it handles. Commercial property has, however, picked up, while the personal injury practice at the top end has boomed.

The firm is in the throes of creating a service company, initially under the Thrings brand, outsourcing its back-office for non-secretarial support staff. Managing partner Thomas Sheppard said the model would allow Thrings to incentivise support staff with share schemes and develop ­excellence in areas that could be offered to other smaller firms for a profit. Existing staff and employees will manage it, but it will have a distinct management board.