Sackers

Turnover (£m): 22.6
Average PEP: 775
Equity spread (£k): 456-920
Profit margin (%): 43
RPL (£k): 512

Pensions boutique Sacker & Partners saw net profit fall by 20 per cent in 2010, something it had been anticipating after funding two properties for the bulk of the financial year.

The firm, which reports on a calendar year basis, took on a new office on ­London’s Gresham Street at the beginning of 2010 and carried the cost of its fit-out, which was partly financed by a one-year loan, while still paying rent on a St Paul’s office. It moved into Gresham Street on 1 January 2011, when its old lease expired.

Senior partner Ian Pittaway, a full-time fee-earner, is the firm’s management ­figurehead, although with just 13 equity partners all decisions are taken jointly at monthly partner meetings.

Financially Sackers ran a tight ship ­during the year, with debtor days ­averaging 49, down from 56 the previous year. Just 0.1 per cent of Sackers’ bills turned into bad debts.

The firm extended its modified lockstep from six to nine years at the beginning of 2011, with partners now reviewed every three rather than two years. While the entry point is not fixed, plateau partners are all on 360 points.

New equity partners contribute around £50,000 to the firm’s capital, while plateau partners have £150,000 invested in the firm. This is all funded through ­personal bank borrowings.