Macfarlanes has not quite ­recovered from the downturn, but its figures are showing a steady improvement.

Turnover (£m): 94.7

Average PEP: 752

Equity spread (£k): 416-1,004

Profit margin (%): 42

RPL (£k): 422

Vision –
Execution –
Governance –

With one of the biggest profit margins in the City at 39.9 per cent, it managed to turn a 2.5 per cent turnover increase into a 6 per cent hike in average profit per equity partner (PEP).

Turnover increased from £92.4m in 2009-10 to £94.7m in 2010-11, while PEP rose from £710,000 to £752,000, nudging the top of equity above the £1m mark for the first time since 2008-09. Back then partners on plateau took home £1.2m. All this is with an equity partnership that has been cut by only one, from 54 in 2009-10 to 53 last year.

The firm, which has a traditionally low attrition rate, has shed partners in the past six months in a way that it has rarely done ­before. It also made up no corporate partners in its promotions round earlier this year.

The private client practice, which makes up 14 per cent of the business by turnover, is a feature that marks it out from peers. ­Although one of the only market-leading private client firms not to be openly mooting a Singapore launch, Macfarlanes is keenly eyeing the market. Senior partner Charles Martin has himself made trips to clients and target clients in Singapore accompanied by key figures such as corporate head Charles Meek.

Financial performance may not be back to those during boom levels, and Martin admits that there is still progress to be made, but things are certainly on the up for Macfarlanes.