Lovells


The Lawyer UK 200

  • UK 200 Position: 6
  • UK 200 Share…



Position: 6 =
Firm: Lovells

Turnover: £479m
Profit per equity partner: £661K
Earnings per partner: £525K
Equity spread: £413K-£826K
Net profit: £152.7m
Profit margin: 32 per cent
Revenue per fee-earner: £260K
Revenue per lawyer: £359K
Revenue per partner: £1,405K
Revenue per equity partner: £2.07m
Total number of fee-earners: 1,844
Total number of qualified partners: 1,335
Total number of partners: 341
Total number of equity partners: 231
Total number of female partners: 62
Total number of female equity partners: 37
Total number of staff: 3,414
Leverage ratio (equity partners/fee-earners): 1:4.8




INTERNAL PROMOTIONS
2006-07: Banking 2, corporate 1, finance 1, employment 1, financial institutions 2, insurance 3, IP 3, litigation 2, private equity 1, real estate 1, restructuring 1
2005-06: Competition 1, IP 2, real estate 2, banking 2, insurance 2, corporate 2, litigation 1 2004-05: Project finance 2, IP 2, tax 1, litigation 4, corporate 1, pensions 1, finance 1, banking 1, restructuring 1, competition 1

LATERALS
2006-07: Litigation 1, pensions 1, capital markets 1, tax 1, private equity 3
2005-06: Banking 2, restructuring 1, energy 1, finance 2, capital markets 2, litigation 1
2004-05: Banking 1, litigation 1, corporate 1, finance 1, employment 1, capital markets 1, energy 1, litigation 2, private equity 1, tax 1

Intake as percentage of partnership: 7.9
New female partners as percentage of intake: 20
Firms recruited from: Brown Raysman Millstein Felder & Steiner, Cahill Gordon & Reindel, DLA Piper, Fried Frank Shriver Harris & Jacobson, McGrigors, White & Case
Equity structure: 232 equity partners, 85 non-equity
Practice area(s) most heavily promoted: Insurance/reinsurance, IP
*Figures supplied relate to the calendar year

Lovells’ intake of partners is weighed towards promotion of home-grown lawyers and the firm increased its promotions by 50 per cent in 2006-07 on the previous year. This was at the expense of lateral hires, which have seen a steady decline during the past three years.

The firm spread the promotions across jurisdictions (London accounted for less than half) and practice areas. The US offices got three internal appointments between them in addition to two laterals, with the mainstays of US revenue, litigation and insurance/reinsurance benefiting.

2006-07 also saw 19 lawyers become consultants –a new position rolled out across the firm in 2006 as an alternative to partnership.

Partner departures slowed to 35 in 2006-07. However, there are now 20 fewer equity partners than in the previous year.

  • Web: www.lovells.com/graduates
  • Telephone: 020 7296 2000
  • Fax: 020 7296 2001
  • No. of Trainees: 154
  • No. of Trainee Vacancies: 90
  • Training contract application deadline: 31-Jul-08
  • Selection
    • Individual interview: No
    • Panel interview: No
    • Assessment day: Yes
    • Psychometric test: No
    • Written exercise: No
  • No. of Seats: 4
  • Opportunities Abroad: Yes
  • Vacation Schemes
    • No. placements: 32
    • Summer vacation scheme application deadline:: 31-Jan-08
  • GDL/CPE Intake: 50%
  • GDL/CPE funding
    • Fees: Yes
    • Maintenance: £7,000 – £8,000
  • LPC funding
    • Fees: Yes
    • Maintenance: £8,000
  • Salary/benefits
    • Start: £37,000
    • Qualification: £65,000
    • Season ticket loan: Yes
    • Healthcare: Yes
    • Pension scheme: Yes
    • Life assurance: Yes
    • Bonus scheme: Yes
    • Gym membership: Yes
    • Subsidised lunch: No