| Turnover: |
£39m |
| Profit per equity partner: |
£256,000 |
| Earnings per partner: |
£139,000 |
| Equity spread: |
£150,000-£450,000 |
| Net profit: |
£10.5m |
| Profit margin: |
27 per cent |
| Revenue per lawyer: |
£205,000 |
| Revenue per partner: |
£424,000 |
| Revenue per equity partner: |
£951,000 |
| Total number of fee-earners: |
325 |
| Total number of assistants: |
98 |
| Total number of partners: |
92 |
| Total number of equity partners: |
41 |
| Total no of female partners: |
37 |
| Total no of female equity partners: |
15 |
| Total no of staff: |
632 |
| Leverage ratio (equity partners to
assistants): |
1:3.6 |
| Representative clients: |
Bank of England,
BASF,
Texaco,
Highways Agency,
Manchester City Council,
Milliken |
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*BUY |
A year of heavy investment in people left Manchester firm Pannone with effectively zero growth to its average PEP for 2005-06 - the figure remained all but static at £256,000. However, the figures include a one-off WIP increase which would have taken PEP to £296,000.
The firm increased its total partnership by eight, but the equity partnership was static with 41 members. In total, staff and fee-earner numbers grew by 82 to 632.
Turnover enjoyed a significant increase to £39m, beating the firm's income target and leaving Pannone with a respectable 27 per cent profit margin.
The average capital contribution at the firm is £122,000, or just under half of the average annual profit.
Pannone is still a firm heavily focused on contentious work, with slightly more than half (51 per cent) of last year's revenue derived from litigation. However, the firm succeeded in cutting its lockup by around 20 days this year, achieving 264 days. Some 211 of those were WIP, with 53 debtor days. This is largely due to the large amount of personal injury work that the firm undertakes.
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