| Turnover: |
£41.1m |
| Profit per equity partner: |
£180,000 |
| Earnings per partner: |
£131,000 |
| Equity spread: |
£133,000-£205,000 |
| Net profit: |
£7m |
| Profit margin: |
17 per cent |
| Revenue per lawyer: |
£171,000 |
| Revenue per partner: |
£604,000 |
| Revenue per equity partner: |
£1.08m |
| Total number of fee-earners: |
348 |
| Total number of assistants: |
173 |
| Total number of partners: |
68 |
| Total number of equity partners: |
38 |
| Total no of female partners: |
12 |
| Total no of female equity partners: |
12 |
| Total no of staff: |
643 |
| Leverage ratio (equity partners to
assistants): |
1:5.3 |
| Representative clients: |
Gala Coral Group,
Kingfisher Group/B&Q,
RWE npower,
The Virgin Group,
Zurich Professional | |
|
*HOLD |
A large investment in infrastructure coupled with a downturn in multi-party litigation contributed to a disappointing set of results for Bond Pearce.
Turnover barely rose, up to £41.1m from £40.1m, while PEP dropped by a dramatic 15 per cent to £180,000 from £213,000.
The lacklustre performance can be blamed partly on the firm's major investment in new buildings and lateral hires over the year.
The reduction in multi-party litigation hit the firm hard, as 52 per cent of Bond Pearce's revenue stems from disputes. Property is the second-largest contributor at 25 per cent, followed by corporate (17 per cent) and finance (6 per cent).
From April 2007 the firm will be changing its remuneration system from lockstep to modified lockstep in a bid to be more competitive and to enhance lawyer motivation. Currently Bond Pearce operates a straight seven-year lockstep, which runs from 680 to 1,000 points. Equity spread for the 2005-06 year was £133,000-£205,000. It has both equity and fixed-shared partners, with the former accounting for 56 per cent of the partnership.
The new system will combine a shorter lockstep with part of the compensation package based on performance. The firm will also introduce super-plateau positions.
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