Turnover (£m): 24
Average PEP: 204
Equity spread (£k): 142-255
Profit margin (%): 18
RPL (£k): 171

Turnover at Exeter-based Ashfords ­remained steady at £24m, but was still short of the £24.8m reported in 2007-08. Net profit was also static at £4.2m.

Corporate and commercial work was strong, with these departments posting ­results that were well ahead of their ­budgets for the year. These two sectors combined contributed approximately 25 per cent of total revenue. During the year commercial property partner Thornton Allen joined from Hammonds, while ­corporate partner Louise Workman arrived from Berwin Leighton Paisner. While ­commercial property continued to ­contribute its fair share, the sector’s star performance was seen during the first two years of the recession. Things are now a bit more difficult in this area, admitted Ian Daniells, chief executive and partner.

Equity partners sit on a five-year lockstep, entering at 50 points, with 100 points being the maximum. Progression up the lockstep is not automatic and partners can go down if performance remains below par for a number of years. Three partners at the top of equity, each holding 100 points, retired last year, while the firm promoted four partners into the bottom of the equity.