| Turnover | £61.1m | | Profit per equity partner | £405,000 | | Equity spread | £209,000-£570,000 | | Net profit | £20.7m | | Profit margin | 34 per cent | | Revenue per lawyer | £288,000 | | Revenue per partner | £687,000 | | Revenue per equity partner | £1,198,000 | | Total no of fee-earners | 269 | | Total no of assistants | 123 | | No of partners | 89 | | No of equity partners | 51 | | Total no of female partners | 19 | | Total no of female equity partners | 8 | | Total no of staff | 521 | | Leverage ratio (equity partners/fee-earners) | 2.4 | | Representative clients | Scottish & Newcastle
Legal & General
Multiplex
Development Securities | |
Lawrence Graham's figures for 2004-05 suffered
a severe blow during the FRS5 accounting
process, with both turnover and profit being
adjusted downwards.
Despite turnover being adjusted down by 2.5 per
cent, Lawrence Graham still managed to break
£60m for the first time. However, PEP did not fare
so well, declining 3.5 per cent to £405,000, down
from £415,000, after the figure was adjusted down
7.4 per cent following FRS5.
Managing partner Penny Francis explained that
the firm's work in progress had improved to 59
days, depressing its profit and turnover figures.
The firm had feared that PEP would drop below
£400,000 as a result of the significant increase in
costs incurred during 2004-05. These were the result
of its August merger with five-partner Tite & Lewis
(formerly the legal arm of PricewaterhouseCoopers),
which bolstered its corporate practice.
Significant client wins during 2004-05 included
scoring property developers Multiplex and Development
Securities, which helped ensure that profitability
stabilised at a better than expected level.
The real estate practice has since been flagged up
as an area of growth for the firm during 2005-06.
|
