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This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Watson Farley & Williams has announced flat year-end results, with average profits per equity partner remaining static at £358,000 in 2004.
Turnover fell by 6.25 per cent, from £48m to £45m, even though average fees per fee-earner increased from £293,000 to £298,000. The bulk of turnover, £33m, came out of London, representing a rise of £500,000 on last year.
Net income jumped an impressive 10.4 per cent, from £15.4m to £17m.
Managing partner Michael Greville argued that, in real terms, turnover has increased by £1m, because if the fee income from the 42-strong Paris team that defected to Orrick Herrington & Sutcliffe in 2002 is discounted from last year’s results, it would have turned over £44m. He also attributed the rise in fees per fee-earner to the Paris departures. “This year it’s bound to be higher, because on average we had fewer people than last year,” he said.
In a separate move, the firm has continued its partner hiring spree with the appointment of SJ Berwin telecoms partner Maurice Murphy, who will join the firm next month.