Scotland’s Burness Paull has again rewarded its staff with a bonus after a strong set of financial results.
The firm, which saw turnover rise by 11 per cent to £51.3m in 2014/15 and profit to full-equity partners increase by 13 per cent to £21.6m, has rewarded employees with a bonus equal to 7.5 per cent of their individual salaries.
The firm has long incentivised staff with bonuses, awarding a 10 per cent payment after profits rose by 42 per cent in 2006/07. More recently, the firm paid a bonus of 5 per cent at the end of 2012/13 and 10 per cent following the 2013/14 year.
Speaking about this year’s payment firm chairman Philip Rodney said: “We have an amazing team of people here and our success is down to their energy, enterprise and expertise.
“It’s only right that everyone in the firm benefits from a 7.5 per cent bonus.”
For the firm’s full-equity partners the net proft figure translates to an average profit share of £485,000, up from £445,000, while the equity spread rose from between £219,000 and £530,000 in 2013/14 to between £240,000 and £577,000 in 2014/15.
For the 12 partners not on the firm’s modified lockstep there was a remuneration pool of £1.7m to share, meaning their average paypackets increased from £120,000 to £142,000 year on year.
The firm’s real estate practice is its most lucrative overall, generating 36 per cent (£18.5m) of firmwide revenues in 2014/15 and giving a departmental revenue per partner (RPP) figure of £923,000.
During the year the group advised Dandara on the development of a 292-unit private rental sector scheme in Aberdeen and also acted for the Stewart Milne Group on the proposed development of 3,000 houses at Countesswells, Aberdeen, the biggest project in the developer’s 40-year history.
Corporate and litigation are Burness Paull’s next largest practice groups, contributing £13.9m and £13.3m of firmwide turnover, respectively.
The corporate team advised KKR as lead investor in Edinburgh-based online fantasy sports service FanDuel and Standard Life subsidiary 1825 on the acquisition of Pearson Jones from Skipton Building Society.
The disputes team, meanwhile, acted for the likes of Sky, Phonographic Performance Limited and the Harris Tweed Authority on intellectual property actions.
A superb firm – great results again from a very clear long-term strategy and a skilled and collegiate leadership team.
Perhaps Brodies will take note some time in the next century. This is how you make your staff feel rewarded.