| Turnover: |
£50m |
| Profit per equity partner: |
£365,000 |
| Earnings per partner: |
£291,000 |
| Equity spread: |
£196,000-£458,000 |
| Net profit: |
£18m |
| Profit margin: |
37 per cent |
| Revenue per lawyer: |
£276,000 |
| Revenue per partner: |
£660,000 |
| Revenue per equity partner: |
£1m |
| Total number of fee-earners: |
229 |
| Total number of assistants: |
105 |
| Total number of partners: |
76 |
| Total number of equity partners: |
50 |
| Total no of female partners: |
6 |
| Total no of female equity partners: |
0 |
| Total no of staff: |
430 |
| Leverage ratio (equity partners to
assistants): |
1:2.6 |
| Representative clients: |
Saipem,
Archer Daniels Midland,
OOCL,
Amlin |
|
|
*HOLD |
It was business as usual last year at marine and insurance specialist Ince & Co.
The firm opened in Dubai in February, its eighth international office, linking up with local firm Al Jallaf Advocates & Legal Consultants. The tie-up helped the firm increase its turnover to £50m. Average PEP was up by 9 per cent to £365,000, while the value of the equity rose accordingly at the top and bottom to £458,000 and £196,000 respectively. Salaried partners, meanwhile, are paid an average of £145,000, making the total partner remuneration pot £22m.
The firm describes its lockstep as "modified", but essentially it is a pure lockstep, ranging from five to 14 points. Partners enter at five points and move up one point a year. In exceptional circumstances partners can be held back, but this happens extremely rarely.
Ince & Co is still predominantly a litigation firm, with contentious work accounting for 80 per cent of turnover. Its overseas offices break even, with Shanghai and Hamburg being particularly strong performers, both tripling in size in the past two years.
The firm has no plans to expand aggressively outside its core areas.
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