| Turnover: |
£28.5m |
| Profit per equity partner: |
£130,000 |
| Earnings per partner: |
£109,000 |
| Equity spread: |
£95,000-£165,000 |
| Net profit: |
£5m |
| Profit margin: |
18 per cent |
| Revenue per lawyer: |
£188,000 |
| Revenue per partner: |
£425,000 |
| Revenue per equity partner: |
£731,000 |
| Total number of fee-earners: |
201 |
| Total number of assistants: |
85 |
| Total number of partners: |
67 |
| Total number of equity partners: |
39 |
| Total no of female partners: |
14 |
| Total no of female equity partners: |
5 |
| Total no of staff: |
381 |
| Leverage ratio (equity partners to assistants): |
1:2.9 |
| Representative clients: |
Allied Irish Bank,
Bank of India,
Morley Fund Management,
Tata Group,
Vodafone | |
|
*SELL |
PENNINGTONS’ AVERAGE PEP crept up by just
4 per cent from 2004-05’s £125,000 to hit £130,000.
Turnover managed a slightly better increase, up by 10
per cent from last year’s £25.9m to hit £28.5m.
Litigation and property are the two largest groups, accounting for 32 and 30 per cent of turnover
respectively, with 20 and 21 partners.
The South East firm, which has offices in London,
Basingstoke, Godalming and Newbury, runs a threesection
remuneration scheme. The first section of
profit is distributed equally among the partners, the
second is a performance-based pool and any
remainder is split 50-50 between the parity pool
and the profit pool. Decisions are made by a fourpartner
profit-allocation committee consisting of
the managing partner and three partners. The
committee assesses performance on 12 criteria. It also
decides the split between the three sections. The
parity pool is prioritised, with the profit pool increasing
or diminishing in good and bad years, and the third
section able to diminish to as low as zero.
|
