News In Focus
Maclay Murray reports steady financial year
Scottish-headquartered law firm Maclay Murray & Spens has reported a broadly stable financial position for its last financial year.
Revenue for the year to 31 May 2012 was down by a little over £0.5m at £46.7m, but pre-tax profits went up from £13m to £14.24m, with staff costs falling by £1.5m as average employee numbers dropped from 404 to 387 (233 fee earners compared with 238). Average profit per equity partner rose from £259,000 to £270,000. The firm had 61 partners by the year end.
MMS's move into new offices in George Square, Glasgow, came just before the start of the financial year, and its sale of employment law subsidiary Law At Work came after the end. It has also recently recruited or promoted three further partners.
Chief executive Chris Smylie commented following the partner announcements that the firm was "firmly on a growth footing", saying: "I am particularly encouraged by the performance and success of the Aberdeen office."
He added: "Our decision not to add scale for the sake of scale means the underlying health of the firm is strong and we are, therefore, expecting to make further well-targeted appointments in the coming months.”