Lewis Silkin
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
31.7
259
182.73
155-355
6.1
19
207.5
238.2
636.5
1,396.5
153
133
50
23
18
3
264
4.86
Steady is probably the best word to describe Lewis Silkin’s 2009-10. Headcount and finances all remained virtually identical to the previous year’s, with turnover inching up from £31.2m to £31.7m and average profit per equity partner falling by just £7,000 to £259,000.
Net profit rose slightly to £6.1m, while the average number of equity partners held at 23.
Managing partner Ian Jeffery believes it was the firm’s practice mix that helped it put in a “less choppy” performance relative to much of the market, adding that the firm’s relatively long lockup of 139 days was primarily down to the debtor days being too long.
Employment remains Lewis Silkin’s single largest revenue generator, accounting for 42 per cent of total income, or £13.3m. Media, brands and technology is the next largest at 17 per cent, while the firm also maintains a focus on the regeneration market via its longstanding social housing focus.
Lewis Silkin is now two years into a new partner appraisal system that includes a clearer set of criteria linked to remuner-ation on its modified lockstep. The lockstep, which sees partners move up the bands in increments of four points after they enter the equity, remains the same.
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
31.2
252
190.9
136 - 345
5.7
18
207
252
709
1,357
151
124
44
23
15
3
260
4.39
In the words of managing partner Ian Jeffery, Lewis Silkin had a “respectable” year.
The firm, which is headquartered in London but also has a small branch in Oxford, saw turnover grow slightly from £29.4m to £31.2m, rising a single place to 80th in the table.
This was mainly down to the performance of its largest practice, employment, which makes up 40 per cent of the firm and which famously acted for Freshfields Bruckhaus Deringer in an age discrimination claim brought by former partner Peter Bloxham in 2007.
The group has grown steadily since, thanks to a rising number of employment disputes caused by the recession. Other key practices include technology and media – the firm recently represented Harlequins Rugby Club winger Tom Williams during the ‘bloodgate’ scandal.
However, average profit per equity partner was down by nearly a quarter in 2008-09, falling from £330,000 to £252,000.
Jeffery put this down to a rising salary burden – the firm took on several new partners during the year – and an “expected” rise in property costs.
Unlike many similar-sized firms, Lewis Silkin did not significantly reduce its wage bill with redundancies – just four fee-earners lost their jobs.
Around half the firm’s 44 partners have full equity status. They are members of a modified lockstep, moving up or down a points-based remuneration system depending on their performance. Top-level partners took their share of the pain in 2008-09, with the top of equity falling further than the average by 30 per cent, from £493,000 to £345,00.
NEWS
Lewis Silkin hires former Mel Gibson lawyer as partner
The former legal director of Mel Gibson’s entertainment label has closed his law firm to join Lewis Silkin as partner.
FEATURES
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Simon Holmes has become head of the EU, competition and regulatory practice at SJ Berwin. His promotion from a similar position in the London practice follows Stephen Kon’s appointment to senior partner.
