Ince & Co
UK 200 RESULTS 2010
Movement since 2009
Turnover (£M):
Profit per equity partner (£K):
Earnings per partner (£K):
Equity spread (£K):
Net profit (£M):
Profit margin (%):
Revenue per fee-earner (£K):
Revenue per lawyer (£K):
Revenue per partner (£K):
Revenue per equity partner (£K):
Total number of fee-earners:
Total number of qualified lawyers:
Total number of partners:
Total number of equity partners:
Total number of female partners:
Total number of female equity partners:
Total number of staff:
Leverage ratio (fee-earners per equity partner):
UP
86.3
568
397.7
260-700
25.9
30
252.3
355.1
992.0
1,726.0
342
243
87
50
8
0
613
3.86
Ince & Co saw a total revenue rise of 8.7 per cent during 2009-10, from £79.4m to £86.3m. The largest proportion of fee income, £55.9m, was produced by the London office, home to 143 lawyers and 55 partners.
Historically Ince operated on a pure lockstep system, which ran from five to 14 points. Partners entered at five points and gained one point a year for nine years.
However, since James Wilson’s appointment as managing partner in March 2008 the firm has refused to discuss its remuneration system or reveal how many equity partners it has.
That said, with an estimated 50 equity partners the firm achieved an average profit per equity partner of £568,000 working on a profit margin of 30 per cent.
Recruitment at Ince has virtually ground to a halt, with partners instead being shifted around the firm’s international network.
The Singapore office has benefited most from this strategy with the arrival of energy partner Denys Hickey in January followed by reinsurance partner Iain Anderson, who also transferred there from London in March. Ince did make a rare hire in Singapore, appointing consultant Martin Brown last June from Norton Rose.
Also in Singapore, shipping and international trade specialist John Simpson was one of four senior associates promoted to partnership level last year.
Wilson says further partners will be encouraged to relocate to its offices in Hong Kong, Shanghai and Singapore over
the next year as the firm looks to take advantage of the resurgence in international trade.
UK 200 RESULTS 2009
Movement since 2008
Turnover (£M):
Profit per equity partner (£K):
Earnings per partner (£K):
Equity spread (£K):
Net profit (£M):
Profit margin (%):
Revenue per fee-earner (£K):
Revenue per lawyer (£K):
Revenue per partner (£K):
Revenue per equity partner (£K):
Total number of fee-earners:
Total number of qualified lawyers:
Total number of partners:
Total number of equity partners:
Total number of female partners:
Total number of female equity partners:
Total number of staff:
Leverage ratio (fee-earners per equity partner):
UP
79.4
485
357.6
250 - 600
24.2
30
235
342
934
1,588
338
232
85
50
9
6
603
3.64
Ince & Co is one of the few firms in the UK 200 to report a healthy increase in revenue for the 2008-09 financial year.
Revenue was hiked by over 25 per cent, from £64.3m up to £79.4m. Growth is largely attributed to the firm’s shipping and maritime disputes capabilities. Fluctuation in oil pricing has led to a number of global trade disputes, with Ince being the obvious choice.
The total number of fee-earners has jumped from 280 in 2007-08 up to 338 last year, while partner numbers grew just slightly, from 82 up to 85.
