Bond Pearce

UK 200 RESULTS 2010

At the end of the 2009-10 financial year Bond Pearce posted a slight dip in turnover, from £48m to £46m.

Despite this the firm’s focus on its core sectors of energy, retail and insurance helped to increase underlying net profit by 2.7 per cent, from £7.3m to £7.5m. Indeed, since the 2006-07 year-end, net profit has risen by 10.3 per cent from £6.8m.

The firm’s equity spread has moved upwards, from £130,000-£300,000 at the 2008-09 year-end to £158,000-£306,000.

Bond Pearce’s equity partner headcount remained static last year at 32, but average profit per equity partner (PEP) increased by 10.3 per cent, from £213,000 to £235,000. This is still short

of the 2007-08 year-end level, when PEP stood at £245,000 and the equity partnership numbered 34.

Bond Pearce’s litigation practice accounts for the largest proportion of the firm’s turnover, contributing £22m, or 48 per cent. Nevertheless, the firm maintains a healthy corporate practice, contributing 26 per cent of turnover, or £12m.

The firm counts energy giant Centrica, insurer Chartis and Virgin Group among its key clients and has spent much of the past year trying to expand its remit for each client.

This strategy is being reinforced through key City hires, including that of Barlow Lyde & Gilbert senior partner Richard Dedman, who joined the firm in March.

UK 200 RESULTS 2009

Turnover at Bristol-based Bond Pearce remained static during 2008-09 but average profit per equity partner (PEP) tumbled by 13.1 per cent from £245,000 to £213,000. Net profit, meanwhile, dropped by almost 10 per cent from £8.1m to £7.3m.

Partners at the top of the equity pocketed £300,000 while those at the bottom took home £131,000.

The firm attributed its performance to client wins such as LV= and Powerplate combined with ongoing relationships with the likes of Royal Mail, BBC, B&Q, Virgin, QBE, Carlsberg and RWE Npower.

Bond Pearce’s energy practice, which focuses on renewables as well as oil and gas, put in a strong performance. Highlights included a £210m deal on behalf of Tullow Oil and advice for longstanding client, Npower Renewables, on its acquisition of 50 per cent of the equity and associated debt in Greater Gabbard Offshore Winds, the world's largest offshore wind farm.

Unlike most firms Bond Pearce did not go through a major redundancy programme last year so the total number of lawyers remained almost static at 236, of whom 15 are based in London. What is more, the total number of partners rose from 67 to 74 thanks to some notable lateral hires including projects specialist Charles Robson, who joined from Lovells and dispute resolution expert Anna Maxwell who arrived from Addleshaw Goddard.

Bond Pearce operates a modified lockstep. Partners start on 520 points and plateau at 1,000 points. Normal progress is 80 points per year but that can be held or accelerated for exceptional performance. The firm can also decrease points by 80 per year if a partner is not fulfilling their objectives.

There are two gateways at 760 and 920 points where partners need to perform strongly to pass. The firm also rewards exceptional performance in two ways – an annual one-off bonus points award and super plateau levels to 1,100, 1,200 and 1,300 points to reward exceptional long-term performance and contribution.