| Turnover |
£53m |
| Profit per equity partner | £308,000 |
| Earnings per partner |
£308,000 |
| Equity spread | £165,000-£650,000 |
| Net profit |
£21m |
| Profit margin |
40 per cent |
| Revenue per lawyer | £217,000 |
| Revenue per partner | £770,000 |
| Revenue per equity partner | £770,000 |
| Total number of fee-earners |
305 |
| Total number of assistants |
175 |
| Total Number of partners |
69 |
| Total Number of equity partners |
69 |
| Total number of female partners |
17 |
| Total number of female equity partners |
17 |
| Total number of staff |
498 |
| Leverage ratio (equity partners/fee-earners) |
1:2.5 |
| Representative clients | Land Securities,
National Grid,
Scottish Water,
Standard Life,
Scottish & Southern Energy
|
|
*BUY |
Dundas & Wilson is an all-equity partnership with zero debt and a 40 per cent profit margin. Add in 20 per cent rises in both revenue and average PEP to the mix and you have a quietly satisfied firm.
Partners are remunerated entirely on a 'meritocratic lockstep', introduced two years ago, in which partners ascend on both performance and contribution to the firm. The six-band lockstep ladder runs from 10 points to 35, with the equity spread last year running from £165,000 to £650,000.
The firm is extremely efficient financially, although keeping on top of its lockup (which stood at 156 days at the end of the last financial year and averages out at 144 days) is a constant issue for the firm's new management pairing of Donald Shaw and Alan Campbell. Both will be well pleased with last year's financial performance, however. Dundas broke through the £50m revenue barrier to £53m, and also broke through the £300,000 PEP mark, hitting £308,000.
|
