| Turnover | £88.5m | | Profit per equity partner | £307,000 | | Equity spread | £130,000-£500,000 | | Net profit | £32.2m | | Profit margin | 36 per cent | | Revenue per lawyer | £299,000 | | Revenue per partner | £843,000 | | Revenue per equity partner | £843,000 | | Total no of fee-earners | 541 | | Total no of assistants | 296 | | No of partners | 105 | | No of equity partners | 105 | | Total no of female partners | 17 | | Total no of female equity partners | 17 | | Total no of staff | 1,021 | | Leverage ratio (equity partners/fee-earners) | 2.8 | | Representative clients | Marks & Spencer
Bupa
British Airways
3i
Castlemore Securities
Dyson | |
Birmingham giant Wragge & Co posted a 47.6
per cent hike in average PEP last year, rocketing from
£208,000 to £307,000, while net profit hit £32.4m.
This marks a significant improvement on the 17.5
per cent slump in partner profits in 2003-04.
Entry level partners pocketed £130,000, while
partners at the top of equity bagged £500,000.
Wragges' turnover also showed an increase, jumping
11.6 per cent, from £79.3m to £88.5m.
The number of partners dropped from 117 to
105, due partly to the decision to manage out six
partners.
Wragges' 27-partner real estate practice is the
biggest contributor towards turnover, representing
29.2 per cent of firmwide billings. Litigation and
finance contributed 22.7 per cent and 21.1 per cent
of turnover. The HR group saw the largest individual
practice growth, with fee income rising by
21 per cent.
During the last year Wragges has won a number
of new clients, including Duke Street Capital, General
Electric, Bank of Scotland and Arsenal FC.
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