| Turnover |
£112m |
| Profit per equity partner | £525,000 |
| Earnings per partner |
£326,000 |
| Equity spread | £160,000-£590,000 |
| Net profit |
£27m |
| Profit margin |
24 per cent |
| Revenue per lawyer | £356,000 |
| Revenue per partner |
£1.17m |
| Revenue per equity partner | £2.15m |
| Total number of fee-earners |
928 |
| Total number of assistants |
219 |
| Total Number of partners |
96 |
| Total Number of equity partners |
54 |
| Total number of female partners |
22 |
| Total number of female equity partners |
12 |
| Total number of staff |
3,124 |
| Leverage ratio (equity partners/fee-earners) |
1:5.1 |
| Representative clients | Allied Irish Bank,
First Assist,
HSBC
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*BUY |
Irwin Mitchell had a solid but unexceptional year, with turnover up by 10 per cent to £112m and PEP up 7 per cent to £525,000. That gives a profit margin of 24 per cent, which is good given its continued reliance on litigation. The vast majority (80 per cent) of Irwin Mitchell's income comes from contentious work, in particular its motor accident claims business.
Equity partners are paid purely on merit, with three main criteria for consideration: the financial results of their team and their business department; their business development work; and their contribution to management. There is no lockstep element and no points are allocated.
Salaried partners receive an average of £90,000, but this varies depending on location and business area.
Lockup is increasing due to the firm's growing use of conditional fee arrangements (CFAs), which impacts on WIP. This is funded by a high capital contribution from partners rather than bank borrowings.
At the end of the last financial year Irwin Mitchell merged with 12-partner personal injury firm Alexander Harris in a move expected to add around £6m to next year's income.
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