Few firms in the City can boast of a double-digit percentage increase in average profit per equity partner (PEP) last year, but Lewis Silkin can. The firm’s PEP rose by 27 per cent between 2009-10 and 2010-11.
Although primarily an employment and TMT shop, Lewis Silkin has enjoyed significant turnover hikes in corporate and property, up 31 and 19 per cent respectively. The employment and media, brands and technology practices still make up the majority of the business, although the proportion slipped from 59 per cent in 2009-10 to 56 per cent in 2010-11.
Lewis Silkin has identified six ’roles’ of partner - including being a rainmaker, team leader and trusted adviser - and allocates profits according to the success of those who fill them. It is now three years into the scheme, which managing partner Ian Jeffery claims is fitting in well.
Jeffery feels his firm is being more diligent in chasing bills than before. It appointed former Eversheds finance head David Burndred as financial director in late 2010. The firm is moving closer to its lockup target, seeing an increase from a relatively dismal 139 days in 2009-10 to a more respectable 115, although this is still five over its target.