Ince & Co

Turnover (£m): 86.2

Average PEP: 552

Equity spread (£k): 265-742

Profit margin (%): 32

RPL (£k): 526

Vision –
Execution –
Governance –

For Ince & Co it was a steady year, with turnover dipping slightly to £86.2m from £86.3m a year earlier. Net profit was up by 6.1 per cent, from £26m at the 2009-10 year-end to £27.6m. Average profit per equity partner was down slightly on last year’s, but is still a healthy £552,000, down by 2.8 per cent from £568,000.

While many of its peer firms in the insurance markets are ­expanding through consolidation and bringing volume services into the fold, Ince has made the strategic decision to focus on the premium end of the shipping, construction and insurance markets.

It is rare for the firm to make lateral hires, and it made only one in the past year, taking partner Stephen Marais from DLA Piper for the asset finance group in March.

Instead Ince focuses on organic growth, last year keeping on 10 of its 12 trainees.

The focus in the past year has been on growing the firm’s ­presence in Asia. In October Ince moved to larger premises in Shanghai with a view to growing its presence there. This was ­supported in April by the launch of Ince Law Alliance with newly launched Singapore firm Incisive Law. The move, according to ­senior partner James Wilson, kick-started a strategy to offer local law capabilities alongside English law services in jurisdictions where it is possible.

With nine offices globally this is a bold move that should shore up some high-level instructions for the firm.