Mills & Reeve – UK 100

Turnover: £36.1m

Profit per equity partner: £224,000

Equity spread: £176,000-£316,000

Net profit: £12.8m

Profit margin: 35 per cent

Salaried partner remuneration: None

Revenue per lawyer: £171,000

Revenue per partner: £531,000

Revenue per equity partner: £820,000

Cost per lawyer: £110,000

Profit per lawyer: £61,000

No of partners: 68

No of equity partners: 44

No of female partners: 12

No of female equity partners: Seven

Total no of fee-earners (including consultants, paralegals etc): 287

Total no of fee-earners (excluding consultants, paralegals etc): 211

Total no of staff: 542

Leverage ratio: 1:4.17

Equity partner to staff ratio: 1:5.8

Fee-earner to staff ratio: 1:0.9

Financial management: Lockup target 150, achieved 157. Average WIP 72 days, average debtor days 85. Practice profile by revenue is corporate 23 per cent, finance 4 per cent, litigation 22 per cent, property 29 per cent, employment 8 per cent. Average fixed capital contribution for an equity partner is £64,000.

Equity structure: Lockstep. Junior partners join on nine shares rising to 11. Full equity partners receive 15 shares, rising to 20 over a five-year period. The firm had 27 partners at the top of lockstep at year-end.

Billable hours targets: 1,400 associates, 1,100 or less depending on responsibilities for partners.

Key clients: Bank of Ireland, Bank of Scotland, East of England Development Agency, Trinity College Cambridge.