| Turnover: |
£34m |
| Profit per equity partner: |
£465,000 |
| Earnings per partner: |
£285,000 |
| Equity spread: |
£279,000-£502,000 |
| Net profit: |
£9m |
| Profit margin: |
27 per cent |
| Revenue per lawyer: |
£256,000 |
| Revenue per partner: |
£654,000 |
| Revenue per equity partner: |
£1.7m |
| Total number of fee-earners: |
155 |
| Total number of assistants: |
81 |
| Total number of partners: |
52 |
| Total number of equity partners: |
20 |
| Total no of female partners: |
8 |
| Total no of female equity partners: |
1 |
| Total no of staff: |
254 |
| Leverage ratio (equity partners to
assistants): |
1:5.7 |
| Representative clients: |
Ecclesiastical Insurance,
PA Consulting,
P&O Group,
Royal Bank of Scotland,
Wharton Asset Management |
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*BUY |
Speechly Bircham saw its average PEP figure shoot up by 27 per cent to £465,000 in 2005-06, while turnover also beat the market average, rising by 17 per cent to £34m. Net profit also rose by 27 per cent to £9.3m, up from £7.3m, coincidentally giving the firm a 27 per cent margin.
The tightness of Speechly's equity is clear in its average EPP figure. Total compensation for all partners was £14.76m, giving an average EPP of £285,000 when split between the firm's 52 partners.
Managing partner Michael Lingens says he would like to equalise the current ratio of equity to non-equity partners. This currently stands at around two-fifths equity to three-fifths salaried or fixed-share. Lingens is aiming for a 1:1 ratio and maintains that he is unfazed about the dampening effect this would have on PEP. He argues that the firm could have absorbed an additional five equity partners this year and that PEP would have still have reached the £400,000 mark.
Speechly operates a modified lockstep. Top of equity rose by 26 per cent to £502,000 from £400,000, while the bottom rose by 33 per cent to £279,000.
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