| Turnover |
£66m |
| Profit per equity partner | £465,000 |
| Earnings per partner |
£328,000 |
| Equity spread | £240,000-£620,000 |
| Net profit |
£24m |
| Profit margin |
36 per cent |
| Revenue per lawyer | £299,000 |
| Revenue per partner | £733,000
|
| Revenue per equity partner | £1.29m |
| Total number of fee-earners |
274 |
| Total number of assistants |
131 |
| Total Number of partners |
90 |
| Total Number of equity partners |
51 |
| Total number of female partners |
18 |
| Total number of female equity partners |
8 |
| Total number of staff |
515 |
| Leverage ratio (equity partners/fee-earners) |
1:3.3 |
| Representative clients | Axa,
Development Securities,
National Lottery Commission,
New Star Asset Management,
Scottish & Newcastle
|
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*HOLD |
Lawrence Graham's emphasis on steady growth helped the firm post a revenue rise of 8 per cent and a rise in average PEP of 15 per cent, to £465,000.
Corporate led the way, with the firm advising on 36 AIM listings over the course of the year. It also successfully targeted businesses in India and Australia looking to invest in UK companies or to raise money on AIM.
Lawrence Graham is facing a year of transition. In May 2007 the firm moves into brand new offices by the South Bank, and has already begun a full refit to be completed in time.
Lawrence Graham property head Stephen Stephens has been leading the move, instructing Clifford Chance. The firm managed to negotiate a favourable rent-free period and renting arrangements at the bottom of the market; the firm will spread the savings out over the coming years.
For remuneration the firm's 51 equity partners are allocated categories depending on their performance during the year. This determines their equity slices.
The 39 junior partners progress through a three-year lockstep before hitting the merit-based equity package.
Reducing WIP has also been a priority. Lawrence Graham is among the tightest-run firms financially in the City, with staying on top on billing and collections a high priority. Consequently, last year's reduction in year-end WIP, from 59 days to 52, should not come as a surprise. Equally, profit was distributed rapidly last year, within seven months of year-end.
In June Lawrence Graham's private client practice received a boost after picking up a four-lawyer team from Simmons & Simmons. Head of private capital Caroline Garnham and her team of three assistants will transfer to Lawrence Graham in the early autumn.
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