Profit per equity partner: £358,000
Equity spread: £150,000-£620,000
Net profit: £17m
Profit margin: 38 per cent
Salaried partner remuneration: Individual packages.
Revenue per lawyer: £283,000
Revenue per partner: £714,000
Revenue per equity partner: £882,000
Cost per lawyer: £176,000
Profit per lawyer: £107,000
No of partners: 63
No of equity partners: 51
No of female partners: Seven
No of female equity partners: Six
Total no of fee-earners (including consultants, paralegals etc): 190
Total no of fee-earners (excluding consultants, paralegals, trainees etc): 159
Total no of staff: 349
Leverage ratio: 1:1.88
Equity partner to staff ratio: 1:3.12
Fee-earner to staff ratio: 1:0.84
Financial management: Lockup target 120 days, achieved 144 (average WIP 14 days, average debtor days 130). Average fixed capital contribution £190,000. Watson Farley has an overdraft facility but has not used it for years. The firm has no bank loans.
Equity structure: All partners join as equity partners. The salaried partners have opted to step out of the equity for reasons such to work part time. The equity is structured as a managed lockstep with 14 steps. There is a presumption that partners move one step a year subject to being voted through four gates.
Billable hours targets: 1,700
Key clients: Citibank, CMA CGM, Fortis, HSH Nordbank, JPMorgan Chase, Nokia, Nordea, Oceaneering, Petroleum Geo-Services, Royal Bank of Scotland, Trafigura.