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Leverage ratio (equity partners/fee-earners): 1/9.2
Litigation firm Keoghs experienced an astounding hike in average profit per equity partner (PEP) of 59 per cent, from £185,000 up to £295,000. Turnover increased by 17.3 per cent from £19.6m up to £23.3m. Keoghs managing partner John Whittle attributed the dramatic spike in PEP to the end of several investment-heavy projects pulling down the 2005-06 profitability figures. A year-long project dedicated to the development of a new case-management system ended last May, enabling the firm to increase profitability up to a much more healthy level for the past financial year. After the company and commercial practice slumped in profit during recent years, Keoghs closed the practice, which also helped hike PEP during 2006-07. Despite the widespread slump in litigation, Keoghs, which generates 98 per cent of turnover from dispute resolution, has managed to maintain healthy growth by focusing on more lucrative lines such as fraud, professional indemnity and insurance.
Intake as percentage of partnership: 23.1 New female partners as percentage of intake: 16.7 Equity structure: 12 full equity partners, 14 junior equity Practice area(s) most heavily promoted: Insurance litigation *Figures supplied relate to the calendar year
Keoghs made five lateral hires in 2006-07, a stark contrast to the previous year, when there were no lateral or internal appointments to the partnership. Three of the lateral hires during 2006-07 were into the insurance litigation team, which also received the one internal promotion. The promotion was based in Coventry, which signals a break away from the firm’s tendency to promote within its Bolton office.