| Turnover: |
£45.3m |
| Profit per equity partner: |
£605,000 |
| Earnings per partner: |
£407,000 |
| Equity spread: |
£200,000-£683,000 |
| Net profit: |
£17m |
| Profit margin: |
37 per cent |
| Revenue per lawyer: |
£221,000 |
| Revenue per partner: |
£980,000 |
| Revenue per equity partner: |
£1.62m |
| Total number of fee-earners: |
420 |
| Total number of assistants: |
159 |
| Total number of partners: |
46 |
| Total number of equity partners: |
28 |
| Total no of female partners: |
6 |
| Total no of female equity partners: |
2 |
| Total no of staff: |
750 |
| Leverage ratio (equity partners to
assistants): |
1:6.3 |
| Representative clients: |
HBOS,
Northern Foods,
Cattles,
Persimmon,
Homestyle Group,
Debenhams | |
|
*BUY |
Leeds-based Walker Morris continues to boost its profitability while pursuing its single-site strategy, although the rise in profit in the context of the year was disappointing. Turnover was up by 5 per cent last year to £45.3m, while average PEP also rose by 5 per cent to £605,000.
The firm's profitability was hit this year by investment in people, premises and IT, with lateral hires for its projects, competition, IT, regulatory and licensing teams.
Turnover growth was constrained by Walker Morris's volume businesses, which include the insurance arm WM Claims and its direct conveyancing arm Pathway, which performed less strongly than in the past. The firm's core lawyered business rose by 12 per cent.
The firm relies heavily on litigation and property work, with the two practice areas accounting for 32 per cent and 30 per cent of total turnover respectively.
Walker Morris now has a profit margin of 37 per cent, while the average partner contribution is extremely low at just £25,000. It has no bank borrowings.
Walker Morris's 28 equity partners are part of a modified lockstep with a 1:3.5 ratio. Final profits were distributed to the partnership 10 months after the year-end last year.
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