Results released by Maclay, Murray & Spens in the aftermath of its failed merger talks with Addleshaw Goddard have reported a 12 per cent slip in profit per equity partner (PEP), down from £283,000 to £248,000 per head. Meanwhile, revenue enjoyed only modest growth, lifting 3 per cent over the year from £43.5m to £44.8m. In the previous financial year, turnover growth was flat at the firm while PEP lifted 10 per cent. The deflated result comes just months after merger talks between Maclay and larger City player Addleshaw Goddard fell apart at the eleventh hour. Addleshaw’s takeover of the Glasgow-based firm would have created a combined firm with revenues in excess of £230m per year.

Source: Legal Business