Thomas Eggar

UK 200 RESULTS 2010

Position:
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):

73
DOWN

34.7
181.9
145.07
92-286.8
7.2
21
148.9
231.0
488.7
997.1
233
150
71
35
21
9
410
3.32

Thomas Eggar is eager to ditch the South East firm tag, despite the fact it remains one of the biggest players in the region. Instead it is keen to be known as a national player.

To boost its aspirations in this direction the firm, shortlisted for Regional/National Law Firm of the Year at The Lawyer Awards 2010, is believed to be eyeing a London merger in a bid to fulfil those national ambitions.

Nevertheless, last year total revenue dropped by 6 per cent to £34.7m. This was largely due to the lack of property and corporate finance work in the market.

Net profit was also down slightly, from £7.4m to £7.2m, although average profit per equity partner saw a small increase, from £180,000 to £182,000.

The majority of Thomas Eggar’s revenue comes from disputes. This makes up 30 per cent of overall turnover, with insurance litigation in particular seeing a noticeable pick-up.

Private client remains the firm’s flagship practice and also accounts for almost a third of total turnover. The firm is increasingly looking to attract big-name clients in the sports and media industries in this area.

Elsewhere Thomas Eggar is increasingly targeting clients in the retail sector after picking up high street names such as Pret A Manger and Itsu in the past year.

This year the employment team was given a boost with the hire of Eversheds partners Catherine Wilson and Matthew Kelly.

UK 200 RESULTS 2009

Position:
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):

71
UP

37.0
180
144.9
80 - 210
7.41
20
148
245
536
1,028
250
151
69
36
22
8
463
3.19

South East firm Thomas Eggar’s £37m turnover reflected a 4 per cent rise on last year’s £35.6m. But the firm’s profit looked less healthy at the end of the 2008-09 financial year, with average profit per equity partner (PEP) crashing from £314,000 to £180,000.

However, despite a fall in PEP, revenue per partner inched up to £539,000 from £537,000 the previous year.

Thomas Eggar’s profit is distributed via a lockstep that was modified in 2004, when all equity partners were placed on 100 points and were expected to move up to 130 within three years. A further 20 points are possible on top of that 130 for exceptional performance. Decisions on performance are made by a five-partner remuneration committee consisting of the managing partner and heads of departments, including the commercial, litigation, private client and property groups.

The firm promoted four new partners, up from two last year – one in tax, one in aviation, one in dispute resolution and one in real estate. The firm also promoted 10 new associates compared with six in 2008.

The new partners were split between the firm’s London, Newbury and Southampton offices.