Turnover (£m): 48.6
Average PEP: 259
Equity spread (£k): 135-320
Profit margin (%): 26
RPL (£k): 194

Scotland-headquartered Maclay Murray & Spens had another muted year in 2010-11, with turnover falling by 7 per cent to £48.6m and average profit per ­equity ­partner dropping by 2 per cent to £259,000.

The 2010-11 financial year was the firm’s last with corporate partner Magnus Swanson as chief executive. Real estate lawyer Chris Smylie took up the mantle in June 2011.

Swanson instigated an internal ­management restructure at the beginning of 2010-11, at which point the firm had a six-partner strategic board sitting above a committee made up of 12 department heads. After streamlining its departments into four main practice groups - corporate, real estate, finance and advisory - the firm is now managed by a single board made up of Smylie, chairman Rob Laing, the four department heads and an additional ­partner. The reduction in the number of partners distracted by their involvement in management ultimately helped cashflow, with the firm beating its 150-day lockup target by 19 days in 2010-11.

Around 80 per cent of Maclay’s partners have equity status and are remunerated via a modified lockstep. Equity points range from 60 to 100, with no specific timescale for reaching plateau. There is also a bonus system for exceptional performance.

Towards the end of the financial year the firm moved into new offices in Glasgow’s George Square, taking out term loans to fund the fit-out.