Profit per equity partner: £609,000
Equity spread: £381,000-£952,000
Net profit: £196m
Profit margin: 30 per cent
Salaried partner remuneration: £140,000-£200,000
Revenue per lawyer: £347,000
Revenue per partner: £1,513,000
Revenue per equity partner: £2,090,000
Cost per lawyer: £243,000
Profit per lawyer: £104,000
No of partners: 431
No of equity partners: 312
No of female partners: 51
No of female equity partners: 37
Total no of fee-earners(including consultants, paralegals etc): 2,415
Total no of fee-earners(excluding consultants, paralegals etc): 1,879
Total no of staff: 4,797
Leverage ratio: 1:4.64
Equity partner to staff ratio: 1:7.63
Fee-earner to staff ratio: 1:0.99
Financial management: Lockup target 100, achieved 96 (average WIP 34, average debtors 62). Average fixed-capital contribution per equity partner £368,000.
Equity structure: Modified lockstep with 15 steps in the lockstep and 23 partners at the top of equity.
Billable hours targets: 1,600-1,700 for associates, although last year the firm introduced a non-billable component that pushed ‘office’ hours up to 2,200, or around 10 hours per day. The additional hours are expected to be spent predominantly on activities of ‘high value to the business’ such as know-how, but there is also a requirement of five hours a year on pro bono. Partner hours vary by group.
Key clients: Barclays, Baugur, Cable & Wireless, Citigroup, Goldman Sachs.