| Turnover | £53.8m |
| Profit per equity partner | £190,000 |
| Earnings per partner |
£129,000 |
| Equity spread | £135,000-£250,000 |
| Net profit |
£9m |
| Profit margin |
17 per cent |
| Revenue per lawyer | £170,000 |
| Revenue per partner |
£390,000 |
| Revenue per equity partner | £1.12m |
| Total number of fee-earners |
439 |
| Total number of assistants |
177 |
| Total Number of partners |
139
|
| Total Number of equity partners |
48 |
| Total number of female partners |
26 |
| Total number of female equity partners |
4 |
| Total number of staff |
795 |
| Leverage ratio (equity partners/fee-earners) |
1:5.6 |
| Representative clients | Barclays,
Caddick Developments,
H3G,
Orange,
Salford City Council,
Whitbread
|
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*SELL |
Cobbetts is suffering from two years of intense investment and has struggled again to raise profitability.
PEP remained static at £190,000, but the number of equity partners has plummeted from 83 in 2005 to just 48 this year. The firm's net margin has therefore almost halved, from 32 per cent to just 17 per cent, and net profit has dropped from £15.8m to £9.1m. Turnover rose slightly to £53.8m from 2005's £50m.
Salaried partners are paid an average of £98,000, bringing the total compensation pot for all partners to £18.1m. Equity partners at Cobbetts have £151,000 invested in the business and are part of a five-step modified lockstep.
Cobbetts' corporate department saw the most growth during the past financial year, now accounting for 24 per cent of total turnover compared with 16 per cent the previous year. However, there are only 23 corporate partners in comparison with 24 litigation partners, who produce 20 per cent of turnover. Just 15 per cent of turnover was produced by the 40 partners practising in the firm's other practice groups.
Managing partner Michael Shaw has pledged to raise PEP to £300,000 within the next two years.
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