Thring Townsend Lee & Pembertons
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
21.8
90.8
77.59
82-91.2
1.6
7
151.4
160.3
375.9
1,211.1
144
136
58
18
10
3
264
6.56
Thring Townsend Lee & Pembertons saw its revenue drop by 1.8 per cent in 2009-10, from £22.2m to £21.8m.
That drop was set in the context of a growth in total lawyer numbers, however, from 124 to 136.
Total partner numbers stayed static at 58.
The increase in the firm’s lawyer base has had an impact on revenue per lawyer (RPL), which dropped from £179,000 to £160,000.
The firm’s average profit per equity partner also shrank, from £112,000 to £91,000.
Despite five equity partners leaving during the year the firm’s lockstep is still top-heavy, with the equity spread just £82,000-£91,000 last year as opposed to 2008-09’s £104,000-£182,000.
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
22.2
112
51.7
104 - 182
2.01
9
137
179
383
1,233
162
124
58
18
15
1
340
5.89
Thring Townsend Lee & Pembertons generated £22.2m in revenue during 2008-09, a slight fall on the previous year, which saw it drop in the table to 92nd. Profit per equity partner almost halved to £112,000.
Over the past few years, the Bath-headquartered firm’s aim has been to grow through acquisition. In 2005 it took on board the Bristol arm of Laytons and recently secured new premises in the city. The Laytons deal was followed two years later by the acquisition of Lee & Pembertons, giving the firm a London base and further strengthening its private client and commercial practices.
Until a relatively advanced stage in the financial year Thring Townsend continued its recruitment drive, hiring employment partner Jeremy Nixon from Bird & Bird and private client partner Sonia Slater from Clintons.
However, like many firms that grew substantially during the middle of the decade, the firm has more recently had to retrench, closing two offices and moving 25 people to its Swindon base. It also launched a redundancy programme last year.
