Berrymans Lace Mawer
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
69.4
222
170.94
120-270
12.7
18
111.6
184.1
593.2
1,217.5
622
377
117
57
44
16
1,090
5.61
Insurance liability specialist Berrymans Lace Mawer (BLM) defied the recession to post an 8.8 per cent revenue increase in 2009-10, from £63.8m to £69.4m
However, with a growing equity partnership the firm’s average profit per equity partner figure declined by almost 11 per cent, from £249,000 to £222,000. BLM added three partners to the equity over the past year, meaning that 57 of its 117 partners now receive a profit share. Since 2005-06 the firm has grown its equity partnership by 39 per cent, from 41 to 57.
Although BLM’s total number of lawyers rose from 350 to 377 last year, revenue per lawyer (RPL) continued its upward climb, albeit at a slower rate than during the previous financial year. At the 2009-10 year-end RPL stood at £184,000, up by 1.1 per cent from £182,000. Compare that with the previous year when RPL jumped by 35 per cent, from £135,000 to £182,000.
After four consecutive years of growth BLM’s net profit fell last year by 5.2 per cent, from £13.4m to £12.7m. But over the past five years net profit has increased by 55 per cent, from £8.2m to £12.7m. This reflects the firm’s ongoing inward investment, which last year included the hire of two partners, Andrew Lawson and Rebecca Shafto, from Bristol-based John A Neil Solicitors, who were brought in to launch the firm’s office in the city on 1 April.
In addition, there has been strong investment in BLM’s IT systems, which will go live in 2010-11. The technology has been designed with the firm’s insurance clients in mind.
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
69.4
222
170.94
120-270
12.7
18
111.6
184.1
593.2
1,217.5
622
377
117
57
44
16
1,090
5.61
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
63.8
249
157.3
130 - 300
13.4
21
112
182
580
1,181
569
350
110
54
39
15
983
5.48
Berrymans Lace Mawer was one of the few firms to put in a strong performance during 2008-09, seeing its turnover increase by nearly a quarter.
The insurance liability specialist saw its turnover jump 23 per cent to £63.8m, up from £51.9m the previous year.
Berrymans saw the benefit of its relatively new Cardiff office, which opened towards the end of 2007. The firm’s other offices in Birmingham, Leeds, Liverpool, London, Manchester, Southampton and Stockton-on-Tees also showed improvements.
A decrease in headcount from 384 lawyers last year to 350 in 2009, including seven fewer partners, helped the firm’s net profit increase from £10.6m to £13.4m.
The firm’s equity partnership increased by one to 54, with the average profit per equity partner following suit, increasing from £214,000 last year to £249,000 in 2009. Top of equity enjoyed an increase from £245,000 to £300,000.
Other headcount changes included the promotion of 18 lawyers to associate, including 11 in Manchester, three in Birmingham and one each in Leeds, Liverpool, London and Stockton-on-Tees.
