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Weightmans had a solid year, unveiling a 3.6 per cent rise in turnover, from £56.2m to £58.2m, for the 2010-11 financial year. The boost was primarily down to growth in the firm’s public sector and insurance practices. This included the hire of Berrymans Lace Mawer disputes partner Sandra Jones.
The North West firm also made other significant investments, including the acquisition of insurance teams from Mace & Jones and Vizards Wyeth.
Average profit per equity partner, however, fell by 15 per cent, from £354,000 to £298,000. This was due in part to an increase in the equity partnership primarily through internal promotion.
Despite indications in previous years, managing partner Patrick Gaul insisted that he would like to loosen the equity, which still remains tight at less than a third of all partners.
Weightmans operates a nine-year lockstep remuneration system. The firm’s management board is made up of Gaul, senior partner Ian Evans, three heads of department, the finance director and a representative from Mace & Jones.
The next year will see Weightmans complete a large property move in Liverpool to bring staff together under one roof following the increase in ranks.