|
|
|
| Turnover: |
£21.2m |
| Profit per equity partner: |
£7.75m |
| Earnings per partner: |
£7.75m |
| Equity spread: |
£2.5m-£13m |
| Net profit: |
£16m |
| Profit margin: |
73 per cent |
| Revenue per lawyer: |
£1.9m |
| Revenue per partner: |
£10.6m |
| Revenue per equity partner: |
£10.6m |
| Total number of fee-earners: |
82 |
| Total number of assistants: |
9 |
| Total number of partners: |
2 |
| Total number of equity partners: |
2 |
| Total no of female partners: |
0 |
| Total no of female equity partners: |
0 |
| Total no of staff: |
40 |
| Leverage ratio (equity partners to assistants): |
1:4.5 |
| Representative clients: |
Class action (client base
predominantly miners and endowment missellers) | |
|
*SELL |
THE WARRINGTON-based class action boutique
enters the table at number 88 with a turnover of
£21.2m. So far, so unremarkable.
What is unusual about this five-year-old firm is that
it has just two equity partners, giving it a 73 per cent
profit margin and an average PEP of £7.75m.
Senior partner Andrew Nulty takes the lion’s share
of that profit and, in his words, “it’s a very big lion”.
Although unconfirmed by Nulty, that figure is
estimated to be in the region of £13m for the 2005-
06 financial year alone.
Avalon makes its money primarily from two
sources. The bulk of its turnover (68 per cent, or
£14.4m) last year came from representing miners
claiming for compensation for chronic obstructive
pulmonary disease under the Department of Trade
and Industry’s ‘Coal Health’ scheme. Most of the
balance was generated by endowment mis-selling
cases. The former has led to an investigation by the
Law Society for breach of solicitors’ accounting
rules, practice rules and principles of practice (The
Lawyer, 21 August).
The firm is projecting a turnover in excess of £30m
for the 2006-07 financial year.
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