| Turnover: |
£34m |
| Profit per equity partner: |
£473,000 |
| Earnings per partner: |
£218,000 |
| Equity spread: |
£280,000-£700,000 |
| Net profit: |
£9m |
| Profit margin: |
26 per cent |
| Revenue per lawyer: |
£262,000 |
| Revenue per partner: |
£507,000 |
| Revenue per equity partner: |
£1.79m |
| Total number of fee-earners: |
153 |
| Total number of assistants: |
63 |
| Total number of partners: |
67 |
| Total number of equity partners: |
19 |
| Total no of female partners: |
12 |
| Total no of female equity partners: |
1 |
| Total no of staff: |
276 |
| Leverage ratio (equity partners to
assistants): |
1:5.8 |
| Representative clients: |
Grant Thornton Corporate Finance,
Irish Nationwide Building Society,
Next Generation Clubs |
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*BUY |
London property powerhouse Howard Kennedy has one of the tightest equity partnerships in the top 100. Only 19 of its 67 partners are full equity, as is just one of its 12 female partners.
The small equity partnership is reflected in the discrepancy between the average PEP of £473,000 and the average £218,200 EPP.
The average capital contribution per equity partner currently stands at £232,000 and the firm has no debt. Indeed, it had some £5m in the bank at year-end. That healthy cash position is reflected in its lockup figure of 139 days at year-end (76 debtor and 63 WIP).
All profit in the merit-based remuneration system was distributed to partners within 10 months of year-end in 2005. Partners are paid on a percentage of total profit with a discretionary bonus made to star performers over and above this remuneration. Fifteen per cent of the total profit is set aside for this.
Although the firm's biggest growth area recently has been international work, property remains the largest part of Howard Kennedy's turnover, accounting for 40.8 per cent of the total revenue, or £13.8m.
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