Lester Aldridge enjoyed a solid year, with turnover up by 6.3 per cent to £15.2m following several years of declining revenues. Average profit per equity partner was also up, by 11.5 per cent to £165,000.
Full equity partners are allocated units entirely on a merit basis, with managing partner Michael Giddins and three other partners sitting on the remuneration committee. Last year equity units ranged from 100 (equal to £112,000) to around 180 units (£240,000). Earnings per partner averaged £121,000.
The firm had 21 fixed-share equity partners at the end of the financial year, each being paid a predetermined share of profit. However, Lester Aldridge is instituting a new merit-based element to fixed-share partner remuneration in the current financial year.
Investment in London is Lester Aldridge’s main focus at the moment. The six-partner office brought in £1.9m last year and is set to move into new premises in autumn 2011.