Ward Hadaway

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):

=83
UP

27.6
294
136.67
221-294
3.4
12
121.1
185.2
460.0
2,123.1
228
149
60
13
15
13
385
10.46

Ward Hadaway recovered from a fairly dismal 2008-09 to post a 6.5 per cent rise in turnover to reach £27.6m last year. Average profit per equity partner saw a 55 per cent boost to £294,000, while net profit rose by 47.8 per cent to £3.4m. Both remain well short of the highs recorded in 2007-08, however. The firm made 21 staff redundant in the previous financial year, but in 2009-10 headcount remained stable.

The Newcastle firm made several important hires during the year, including public sector partner Karen Andrews from Trowers & Hamlins and property partners Brian Green from Hammonds’ Leeds office and Judy Fawcett from Addleshaw Goddard. It also beefed up its employment, healthcare and charities teams.

In addition, it pulled off some impressive panel wins in 2009-10, landing a place on the Tyne & Wear Metropolitan Authority and NHS Procurement North East scheme panels. Other clients include Newcastle University and North Tees and Hartlepool NHS Trust.

The firm has an undeniably strong roster of public sector clients: in 2009 it advised on Building Schools for the Future (BSF) projects totalling £700m – but that could spell trouble. The BSF programme was scrapped in June and the public sector is bracing itself for major cuts. This does not bode well for the North East generally, where a large chunk of commercial activity is reliant on public funding, and for Ward Hadaway in particular.

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):

84
DOWN

26.6
190
113.6
140 - 190
2.3
9
117
177
451
1,900
228
150
59
14
13
13
385
9.71

Ward Hadaway’s profit per equity partner plummeted by 53 per cent during the last financial year from £408,000 in 2007-08 to £190,000 last year.

The equity spread also saw a dramatic shift. Bottom of equity was £140,000 while the top was £190,000, compared with £208,000 and £415,000 during 2007-08.

Net profit at the North East firm dropped by 56.6 per cent from £5.3m down to £2.3m last year, and while overall partner numbers increased by five last year from 54 to 59, equity partner numbers remained static at 14.

Revenue per lawyer dropped by 11 per cent from £199,000 down to £177,000 last year while revenue per partner dropped by 14 per cent from £526,000 down to £450,000. Total turnover was £26.6m.

Last year Ward Hadaway expanded its UK coverage, launching in Leeds with former Watson Burton head Andrew Hoyle. Hoyle was joined by five lateral partners and two associates.

Since joining the firm Hoyle has been spearheading its expansion, although in April this year Ward Hadaway postponed plans to launch in Manchester by a year until 2010.

In September last year Ward Hadaway launched a redundancy consultation, axing 21 staff.

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