| Turnover: |
£19.9m |
| Profit per equity partner: |
£309,000 |
| Earnings per partner: |
£257,000 |
| Equity spread: |
£140,000-£604,000 |
| Net profit: |
£6.5m |
| Profit margin: |
33 per cent |
| Revenue per lawyer: |
£234,000 |
| Revenue per partner: |
£663,000 |
| Revenue per equity partner: |
£948,000 |
| Total number of fee-earners: |
116 |
| Total number of assistants: |
55 |
| Total number of partners: |
30 |
| Total number of equity partners: |
21 |
| Total no of female partners: |
5 |
| Total no of female equity partners: |
2 |
| Total no of staff: |
304 |
| Leverage ratio (equity partners to assistants): |
1:3.0 |
| Representative clients: |
ATS Euromaster,
HR Owen,
Kia
Motors,
National Geographic Society,
Scania (Great Britain),
Terex Corporation | |
|
*HOLD |
HOWES PERCIVAL, based in East Anglia and the
East Midlands, increased turnover by a modest 6 per
cent, from £18.8m in 2004-05 to £19.9m in 2005-06.
The firm achieved an impressive 33 per cent profit
margin on this, yet its average PEP fell by 3.5 per cent,
from £320,000 in 2004-05 to £309,000 last year. This was due primarily to an increase in the equity
partnership, from 17 to 21 partners.
Howes Percival’s £6.5m profit is distributed among
its equity partners entirely on a merit basis. Partners
are assessed by a four-member remuneration
committee on criteria including work generation
and new client wins, cross-selling, client satisfaction
and retention, and management responsibilities.
Although its decisions are ultimately put to the board,
prior to that the committee has complete discretion on
remuneration, exercising judgements on sums directly
(ie without a points system or other scheme).
The six-partner corporate and finance group
generates almost a third of total turnover (32 per cent),
while litigation and property, with nine partners
each, bring in just 23 per cent apiece.
|
