Harbottle & Lewis had a solid year, with turnover rising by 4.2 per cent to £17.5m from 2009-10’s £16.8m. Profitability was also on the rise, with net profit reaching £5.1m and average profit per equity partner up by 7.3 per cent to £280,000.
The West End firm’s 18 equity partners sit on a lockstep that last year ranged from £175,000 to £400,000. Each receive a points-based share of profit plus a small bonus element. Another 11 fixed-share partners have a small share of the equity, but also receive performance-based portions.
Harbottles is still a long way off its ambitious 110-day lockup target, achieving 188 days in 2010-11. This is partially due to the addition towards the beginning of the year of a specialist personal injury (PI) practice, which advises construction workers. Chief operating officer Derek Godfrey estimated that the PI team has approximately £1.5m of work-in-progress that has yet to be realised, but he is keeping the 110-day target in place for the rest of the firm to aim at.