Berwin Leighton Paisner (BLP) has been on a growth spurt of late, and 2005-06 was not any different. Turnover was up by 19 per cent, while PEP rose by 10 per cent.

High-profile lateral hires have been the name of the game, with 13 in 2005-06, but the firm has been on a hiring spree across all sectors and PQE levels. The campaign has seen it increase its total number of lawyers by some 130 in 12 months.

The firm operates an eight-year lockstep with nine rungs. The firm allocates 80 per cent of its profit to be divided between its 74 equity partners. The majority of the remaining 20 per cent is used for a performance bonus for selected equity partners - a key component of the firm's lateral hiring policy, with several recruits understood to be guaranteed a slice out of this pool. A small percentage of the profit is held back pending audit of the firm's finances as a prudent measure in case of unforeseen tax bills.

Total remuneration under the lockstep last year was £37.6m. The bonus pool, therefore, was £9.42m.

The equity spread runs from £350,000 to £950,000, but the lockstep points ratio is 2:1. A BLP partner at the top of lockstep is therefore on £700,000, leaving £250,000 as the maximum bonus payable.

The firm paid out £62.2m to all partners, including consultants, salaried and junior equity partners last year. Those 71 partners not in the full equity shared a £15.1m pool.

BLP is investing heavily in a comprehensive refurbishment of its Adelaide House office. The majority of works will take place in the current 2006-07 year.

The firm adopted LLP status in November and is now in its first full year of the partnership model. It has appointed BDO Stoy Hayward as its auditors.