| Turnover | £60.3m | | Profit per equity partner | £314,000 | | Equity spread | £174,000-£474,000 | | Net profit | £15.1m | | Profit margin | 25 per cent | | Revenue per lawyer | £285,000 | | Revenue per partner | £733,000 | | Revenue per equity partner | £1,248,000 | | Total no of fee-earners | 352 | | Total no of assistants | 129 | | No of partners | 82 | | No of equity partners | 48 | | Total no of female partners | 22.5 | | Total no of female equity partners | 17.9 | | Total no of staff | 484 | | Leverage ratio (equity partners/fee-earners) | 2.7 | | Representative clients | Ashcombe Estate
Barclays
Daliah
Rocco Forte Hotels | |
The 2004-05 financial year saw another 12 months
of investment at Withers, which is now an LLP.
Along with opening an office in Geneva at a cost
of around £1m, the firm upgraded its IT with a new
Elite accounting system, setting it back some £1.2m.
The firm has also pencilled in the second half of
2006 for its third US office after New York and New
Haven. Greenwich is considered one of the richest
towns in the US and is the base for many of Withers'
current clients.
Despite the considerable outlay, global revenue
increased 15 per cent, from £52.4m to £60.3m
(£42m from London), while PEP rose by 11 per cent
to £313,500. Although at year-end Withers had
48.3 equity partners, a number of those joined during
the year, making the number of equity partners
for profit purposes 45.45.
Withers has a modified lockstep which runs from
eight to 15 points with a bonus pool of 5 per cent.
Last year a point was worth approximately £25,000.
The litigation and family groups performed well,
but Withers remains synonymous with private
client. The nature of this business makes it difficult
to name names, but it includes Carphone Warehouse
owners Charles Dunstone and David Ross.
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