Covington & Burling – UK 100

UK/global turnover: £14.6m/£191m

UK/global PEP: £438,000/£476,000

UK/global revenue per lawyer: £406,000/£411,000

UK revenue per partner/equity partner: £1.8m/£1.8m

Global revenue per equity partner: £1.2m

UK/global number of partners: 8/155

UK/global number of lawyers: 36/465

UK number of staff: 91

UK/global leverage ratio: 1:3.5/1:2

UK equity partner to staff ratio: 1:11.3

Equity structure: Merit-based system.

Billable hours targets: None set.

Billing currency: Sterling.

Cost of living details: No secondees in 2003. A modified cost of living allowance is provided, which is tailored to individual circumstances.

UK-based lawyer remuneration: Partners are paid in dollars. The firm has been studying hedging mechanisms, but is yet to implement a system. Non-partners are paid in sterling.