Scottish law firm McClure Naismith has overhauled its pay structure and unveiled a shake-up of its management team.
Robin Shannan, a senior commercial and financial services partner, has been appointed to the newly-created role of executive chairman and the firm has altered its pay so that partners can move down – as well as up – the equity ladder, while performance will also play a role in partner remuneration.
Scotland’s legal sector has witnessed a bout of corporate activity in recent months, with Burness and Paull & Williamsons the latest firms to announce a tie-up. That deal, unveiled on Monday, follows McGrigors’ merger with Pinsent Mason and Biggart Baillie teaming up with DWF.
Shannan told The Scotsman: “It has been a tough few years for the legal profession, however we are in good shape having cut costs, held our income and with a focused strategy to develop and move the business into new income streams.”
He added: “It would be silly for me to say we’d never merge. At this stage there’s no need for a defensive merger, but we’ll keep an eye out for potential opportunities.”
Previous chairman Alan Thomson will sit on the new management board, along with fellow senior partners Ewen Brown, Steven Brown, Morag Campbell, Philip Sim and David Thomson.
Shannan said: “We decided that we needed to revamp how we managed ourselves. I will chair partners’ meetings as well as the management board, which aims to be more responsive in these challenging times.
“We’re also looking at recruitment south of the Border to build on the real estate business, which has pioneered a business premises renovation allowance package.”
McClure Naismith, with 31 partners and a total headcount of around 200, saw its turnover rise slightly to £13.2 million last year and Shannan expects further growth this year despite the difficult market conditions.
He said: “We’re seeing a recovery in corporate and financial services, which are large areas for us, and we’ve made a big move into regulation and product development.”
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