Profit per equity partner: £114,000
Equity spread: £90,000-£143,000
Net profit: £1.1m
Profit margin: 7 per cent
Salaried partner remuneration: £57,000
Revenue per lawyer: £176,000
Revenue per partner: £546,000
Revenue per equity partner: £1,391,000
Cost per lawyer: £163,000
Profit per lawyer: £13,000
No of partners: 28
No of equity partners: 11
No of female partners: Five
No of female equity partners: One
Total no of fee-earners (including consultants, paralegals etc): 225
Total no of fee-earners (excluding consultants, paralegals etc): 87
Total no of staff: 365
Leverage ratio: 1:5.36
Equity partner to staff ratio: 1:12.73
Fee-earner to staff ratio: 1:0.62
Financial management: Lockup target 170 days, achieved 172 (average WIP 125 days, average debtor days 47). Average capital contributions per equity partner £175,000.
Equity structure: Merit-based, with one partner at the top of lockstep last year. Three levels of equity. At the end of each year each partner prepares a portfolio of their achievements, which is considered by a remuneration committee of three partners. The committee makes recommendations and then the entire partnership votes on remuneration. There is the capacity for new equity partners to go straight in on the mid-tier, should this be deserved.
Billable hours targets: Assistants 1,350.
Key clients: Axa, Norwich Union, Royal Bank of Scotland Insurance, Zurich.