Profit per equity partner: £250,000
Equity spread: £190,000-£270,000
Net profit: £4.5m
Profit margin: 27 per cent
Salaried partner remuneration: £90,000-£120,000
Revenue per lawyer: £255,000
Revenue per partner: £474,000
Revenue per equity partner: £922,000
Cost per lawyer: £186,000
Profit per lawyer: £69,000
No of partners: 35
No of equity partners: 18
No of female partners: Nine
No of female equity partners: Two
Total no of fee-earners (including consultants, paralegals etc): 86
Total no of fee-earners (excluding consultants, paralegals etc): 65
Total no of staff: 158
Leverage ratio: 1:1.67
Equity partner to staff ratio: 1:4
Fee-earner to staff ratio: 1:0.84
Financial management: Lockup target is 90 days, achieved 157 (average WIP 53 days, average debtor days 104). Practice profile by revenue is corporate 16 per cent, finance 5, litigation 15, property 28, employment including pensions and share schemes 13, others including intellectual property, commercial and private client 23. The firm’s average fixed capital contribution for equity partners is £110,000.
Equity structure: Wedlake Bell operates a merit-based system. Senior equity profits are distributed by a compensation committee ‘slate’ system. Each partner is awarded a number of points according to their performance. The remainder are on a fixed share. There are 20 senior equity partners and 15 fixed share partners.
Billable hours targets: 1,100 partners.
Key clients: Ashtenne Holdings, Crown Dilmun, DHL, Fortis Bank, Henderson Investors, Rugby Estates, Seymour Pierce, Tesco, Thurleigh Estates, Victoria & Albert Museum.