This year's figures show Wragge & Co back on form after a rollercoaster period. Average PEP rocketed up by 28 per cent from 2004-05's £307,000 to hit £395,000. The impressive figure marks the firm's second year of growth after PEP plummeted in 2003-04 to just £210,000.

Turnover hit £101.3m, a 15 per cent increase on last year's £87.8m, and also the firm's second rise after stalling at £79.3m for the previous two years. The firm also posted an impressive 40 per cent profit margin equating to £41m.

The strongest growth was in corporate, which increased turnover by 20 per cent, with RPL hitting £252,000. However, Wragges' property group continues to dominate. Despite growing by a comparably modest 12 per cent, property lawyers brought in an average of £1m each and together accounted for 28.6 per cent of the firm's overall turnover, compared with just 12.1 per cent for corporate.

All of Birmingham-based Wragges' 104 partners are full equity. Profit is distributed on a merit basis via a remuneration committee consisting of the managing and senior partners, plus three partners elected annually by the rest of the partnership.

Officially the committee has no set limits on how much or how little a partner can receive. Off the record, however, there is a lockstep-style recognition for time served. The minimum a partner is likely to receive is 0.4 per cent of total profit, or £160,000 this year, and the highest share is 1.6 per cent, or £630,000.

Predictions for 2005-06 were 10 per cent growth in turnover and 20 per cent in PEP, so the firm is up on both. But predictions for 2006-07 are modest, with turnover up 10 per cent again, but profit up just 5 per cent. This reflects more expensive rents in Birmingham and London due to increased space, as well as an anticipated slowdown in the second half of the financial year.