Withers

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):

28
UP

92.7
359
250.46
230-600
20.7
22
258.2
369.3
850.5
1,598.3
359
251
109
58
31
16
651
3.33

During 2008-09 Withers’ average profit per equity partner (PEP) fell by 23.5 per cent, from £357,000 to £273,000. The good news is that after some cost cutting and reorganising, at the

2009-10 year-end the firm’s

58 equity partners pocketed an average PEP of £359,000, up 31 per cent.

Withers continues to be heavily reliant on private client and family, servicing the needs of ultra-high-net-worth individuals. Clients include the Barclay Brothers, owners of Telegraph Media Group.

In 2009-10 that practice contributed £53.67m (57.9 per cent) of the firm’s overall turnover. This compares with £61.8m contributed by the same practice at the 2008-09 year-end.

Across Withers’ global network litigation has seen an upturn. The practice outside the UK contributed £20.5m (22.1 per cent) of turnover. At the same point last year the overseas litigation practice reported a turnover of £17.2m.

In the domestic offices the firm’s 17 litigation partners saw their proportion of overall turnover rise from £23.7m to £27.4m.

The firm is strategically pushing to develop its international network. Withers said £37.4m of its turnover was generated outside the UK and that offices in Switzerland and Hong Kong had both weathered the recession well.

Withers further bolstered its international offering with the opening of an office in the British Virgin Islands at the beginning of the financial year. Initially this was intended to be a dispute resolution hub, but now the firm plans to expand its offering to include corporate, banking and finance transactions, funds and regulatory work.

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):

32
DOWN

93.3
273
229.9
211 - 500
13.6
15
249
329
872
1,794
374
284
107
52
33
16
673
4.46

Turnover at Withers was up by 5 per cent last year, from £88.8m to £93.3m, with private client, family and litigation among the most significant contributors to total revenue.

Its strategy of leveraging off its private client brand, which has benefited from some high-profile divorce cases, to drive its international expansion has been successful. Withers has used this to create synergies with other departments such as commercial and litigation and hence has avoided the dead end that some smaller private client outfits have experienced.

As part of this global strategy, the firm has continued to grow its footprint in far-flung locations, such as the British Virgin Islands.

However, its net profit margin fell to 15 per cent in the past financial year, a drop of six percentage points on the previous financial year’s figure, while average profit per equity partner (PEP) dropped by 24 per cent. PEP stood at £273,000 at the end of 2008-09, down from £357,000 the previous year.

Plateau partners received £500,000, £100,000 less than in 2007-08. Those at the bottom of the equity took home £211,000 compared with £200,000 in 2007-08.

NEWS

Kobre & Kim launches BVI base to service Asia clients

16-May-2012 | By Joanne Harris

US litigation firm Kobre & Kim is launching an office in the British Virgin Islands (BVI) in response to increasing work in the jurisdiction from Asian clients.