| Turnover |
£90m |
| Profit per equity partner | £500,000 |
| Earnings per partner |
£333,000 |
| Equity spread | £210,000-£1.25m |
| Net profit |
£27m |
| Profit margin |
30 per cent |
| Revenue per lawyer | £330,000 |
| Revenue per partner | £938,000 |
| Revenue per equity partner | 938,000 |
| Total number of fee-earners |
875 |
| Total number of assistants |
177 |
| Total Number of partners |
96 |
| Total Number of equity partners |
54 |
| Total number of female partners |
23 |
| Total number of female equity partners |
8 |
| Total number of staff |
36 |
| Leverage ratio (equity partners/fee-earners) |
1:4.1 |
| Representative clients | Fortis,
Land Securities Trillium,
Microsoft,
Rank Group,
Royal Bank of Scotland,
UK Film Council
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*BUY |
This time next year, Richards Butler will have become Reed Smith Richards Butler after its merger with $562m (£321.14m)-revenue US firm Reed Smith.
The deal comes just in time for the UK firm. Richards Butler barely grew revenue in what proved to be an outstanding year for others in the City and global turnover was up by just £1m from £89m.
PEP fared better, growing by 9 per cent to £500,000, but the figures were helped by the profitable Hong Kong office. London PEP was up to £390,000 from £375,000 last year. London partners get less money as a result. The firm's top of equity is a huge £1.25m, but partners in London receive a maximum of £750,000. The £30m Hong Kong partners, separated for tax reasons, are the only ones to hit the £1m mark.
The equity partnership is merit-based with a committee meeting every two years to allocate points. As well as rewarding financial performance, internal contribution is also taken note of to encourage partners to take an interest in projects such as IT upgrades.
Fixed-share partners receive a merit-based yearly bonus, which is on top of a fixed salary. The move from salary to equity partnership is again merit-based, with no time limit imposed.
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