|
|
|
| Turnover: |
£38m |
| Profit per equity partner: |
£265,000 |
| Earnings per partner: |
£119,000 |
| Equity spread: |
£180,000-£360,000 |
| Net profit: |
£6m |
| Profit margin: |
15 per cent |
| Revenue per lawyer: |
£167,000 |
| Revenue per partner: |
£469,000 |
| Revenue per equity partner: |
£1.76m |
| Total number of fee-earners: |
371 |
| Total number of assistants: |
147 |
| Total number of partners: |
81 |
| Total number of equity partners: |
22 |
| Total no of female partners: |
21 |
| Total no of female equity partners: |
3 |
| Total no of staff: |
692 |
| Leverage ratio (equity partners to
assistants): |
1:9.6 |
| Representative clients: |
Axa,
CIS,
East Midlands Consortium,
NHS Litigation Authority,
Zurich Financial Services |
|
|
*SELL |
Weightmans is continuing its slow climb out of decline with another profit increase of 25 per cent, taking the firm's profit margin to 15 per cent.
Its strongest office is still Liverpool and insurance work is still the firm's strongest practice area. The low margins afforded by this, however, affect profit.
Weightmans has had the advantage of little debt for much of the year, with borrowings of around £2m. Lockup, at 119 days, is improving, and for a firm with Weightmans' insurance litigation profile is particularly impressive. Its equity is fairly tightly held, with a little more than a quarter of the 81 partners full equity.
The firm continues to operate a nine-step lockstep. Partners must meet annual objectives set by managing partner Patrick Gaul and can be moved up or down the lockstep depending on whether they achieve these objectives. Gaul is planning to examine the possibilities for a merit-based system during the next year.
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