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
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.