Freeth Cartwright
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):
DOWN
31.63
196
143.59
135-280
6.6
21
159.8
218.2
405.5
930.4
198
145
78
34
20
3
400
3.26
Nottingham-based Freeth Cartwright opened its first office in London earlier this year, despite seeing turnover fall by 3 per cent to £31.6m.
The new West End office was set up primarily to service the firm’s retail sector clients. While turnover may have dropped, average profit per equity partner (PEP) recovered following a dramatic 35 per cent drop in 2008-09. PEP rose by 30.7 per cent to £196,000 in 2009-10, while the equity spread increased from £105,000-£180,000 to £135,000-£280,000.
Net profit also saw a big increase, rising by 22 per cent, from £5.4m to £6.6m.
Corporate remains the biggest earner, generating £13.3m of revenue. The firm has also traditionally been strong in property and, at 38 per cent of total revenue, it remains a core practice despite taking a hit in the downturn. The firm represents several major homebuilders, including Balfour Beatty, Barratt Homes and Belway Homes.
Headcount continued to fall in 2009-10, with overall staff numbers down by 13.8 per cent to 400 and the total number of fee-earners falling from 222 to 198. Overall partner numbers, however, remained static at 78, although the number of equity partners dropped from 37 to 34.
In recent months the firm has hired several partners for its Birmingham office, which opened in 2007. They include Simon Barker from Martineau to head its IP team in the region and new Birmingham insolvency head Michael Gilmour from Clarke Wilmott.
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):
SAME
32.6
150
120.5
105 - 180
5.44
17
147
212
418
881
222
154
78
37
17
3
464
3.16
Freeth Cartwright was one of the last real estate-heavy firms to make cuts from its workforce.
With around 35 per cent of the firm’s revenue coming from real estate it was finally forced to make heavy cuts in January this year in a consultation involving 60 staff – 13 per cent of its total staff number.
Real estate was not the only practice area hit with redundancies. Corporate, which represents 10 per cent of turnover, was also affected.
Despite cuts in staff during the past financial year partner numbers were up by 16.4 per cent, from 67 in 2007-08 to 78 last year, while one was added to the equity, bringing it up to 37.
The slump in real estate contributed to the firm’s drop in profit per equity partner (PEP), which saw a dramatic 35 per cent decrease, from £233,000 down to £150,000.
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