| Turnover: |
£46.5m |
| Profit per equity partner: |
£265,000 |
| Earnings per partner: |
£140,000 |
| Equity spread: |
£160,000-£370,000 |
| Net profit: |
£9m |
| Profit margin: |
20 per cent |
| Revenue per lawyer: |
£220,000 |
| Revenue per partner: |
£530,000 |
| Revenue per equity partner: |
£1.33m |
| Total number of fee-earners: |
282 |
| Total number of assistants: |
122 |
| Total number of partners: |
89 |
| Total number of equity partners: |
35 |
| Total no of female partners: |
17 |
| Total no of female equity partners: |
2 |
| Total no of staff: |
535 |
| Leverage ratio (equity partners to
assistants): |
1:5 |
| Representative clients: |
ACE Europe,
Allianz Cornhill,
National Farmers' Union,
Norwich Union,
Royal Bank of Scotland,
Royal & SunAlliance | |
|
*HOLD |
Insurance-focused Kennedys suffered the counter-cyclical effects of the M&A boom last year. Its figures also show the cost of the firm's search for a new building in London and its investment in new overseas offices. Average PEP was down by 14 per cent to £265,000, while turnover rose by 8 per cent to £46.5m.
Kennedys runs a tightly held equity, with 39 per cent, or 35, of its 89 partners full equity. However, all but three equity partners are based in the London office. New equity partners join a lockstep ladder, with the steps set annually according to performance, enabling movement both up and down. Last year three partners were at the top of the ladder.
The firm did succeed in beating its 180-day lockup target during the past year, a real achievement in the difficult insurance climate.
Its main challenge in reducing lockup further comes from debtor days, which at an average of 132 days far outweigh Kennedys' 40-day WIP.
While the firm is working to reduce lockup further, it faces an uphill climb thanks to its continued reliance on litigation.
|
