Martineau
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
20.5
185
135.56
135-300
3.7
18
156.5
164.0
455.6
1,025.0
131
125
45
20
10
4
228
5.25
Turnover fell by 3 per cent at Martineau during 2009-10, from £21.2m to £20.5m, largely as a result of a reduction in M&A and banking work.
The firm suffered a setback given that banking is one of the strategic sectors it has identified for growth. However, education (where Martineau acts for the Universities of Birmingham and Warwick), energy (npower and the National Grid) and investment funds compensated.
The firm has a two-tier partnership with fixed-share and full equity partners and operates a meritocratic remuneration system introduced around three years ago.
Martineau made a small number of redundancies over the past financial year, but also continued to hire into its insolvency and family teams.
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):
DOWN
21.2
198
129.8
160 - 300
3.7
17
163
210
451
1,060
130
101
47
20
11
4
260
4.05
Turnover at Martineau dropped by 9 per cent last year at this Birmingham-headquartered commercial and corporate-focused firm, which names National Grid, Lloyds TSB, Thames Valley University, NPower, Foresight Group and Lancaster University among its clients.
Average profit per equity partner (PEP) fell by 24 per cent to below the £200,000 mark. The partnership has two ranks, with partners typically entering a fixed-share role in which average remuneration was £82,000 last year. Forty per cent of partners are part of the predominantly merit-based equity system, with the firm having abandoned lockstep several years ago. The firm has a structured appraisal process to determine remuneration.
Martineau recently carried out management elections that will see head of the strategically important energy group Andrew Whitehead take over from Roger Blears as senior partner at the beginning of 2010. Blears will continue to head the corporate finance team. Bill Barker was re-elected as managing partner for a further three-year term.
The firm has a four-member management committee, which is responsible for strategy and which consists of the managing and senior partner and two non-executive partners. It also has a board consisting of the heads of IT, business development, the finance director and the group heads.
Internationally Martineau is part of two networks, Multilaw and the US-focused State Law Resources.
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