| Turnover: |
£49.1m |
| Profit per equity partner: |
£253,000 |
| Earnings per partner: |
£220,000 |
| Equity spread: |
£199,000-£358,000 |
| Net profit: |
£13m |
| Profit margin: |
27 per cent |
| Revenue per lawyer: |
£193,000 |
| Revenue per partner: |
£640,000 |
| Revenue per equity partner: |
£960,000 |
| Total number of fee-earners: |
320 |
| Total number of assistants: |
177 |
| Total number of partners: |
77 |
| Total number of equity partners: |
52 |
| Total no of female partners: |
12 |
| Total no of female equity partners: |
6 |
| Total no of staff: |
655 |
| Leverage ratio (equity partners to
assistants): |
1:3.9 |
| Representative clients: |
Archant,
Aviva,
Central Trust,
EDS Global Field Services,
University of Nottingham | |
|
*BUY |
Mills & Reeve reported a sharp 22 per cent rise in turnover and an 11 per cent increase in average PEP last year. As a result, all 578 staff shared in a £650,000 bonus pool.
The bonus system has been running for four years and worked out at an average of £1,200 for every employee at the end of July, except for partners.
Mills & Reeve has set itself a turnover target of £54m for 2007. This coincides with the start of a new three-year strategic review that will see the firm looking to boost its national profile in key practice areas, including corporate, which last year contributed more than a third of the firm's £49.1m turnover.
Progression up the lockstep ladder is fairly rapid, with most partners reaching the top of equity within five years. Partners start on 20 points, worth £10,000 each last year, and accrue extra points at a rate of three a year. Around 25 per cent of the firm's partners are at the top.
Although Mills & Reeve had a successful year, it missed its lockup target of 155 by nine days. Another target this year will be for management to consider ways of speeding up the billing and collections process.
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