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17 January 2005
17 January 2005
14 January 2005
Profit per equity partner: £520,000
Equity spread: £157,000-£550,000
Net profit: £14m
Profit margin: 35 per cent
Salaried partner remuneration: None
Revenue per lawyer: £260,000
Revenue per partner: £940,000
Revenue per equity partner: £1,463,000
Cost per lawyer: £168,000
Profit per lawyer: £92,000
No of partners: 42
No of equity partners: 27
No of female partners: Six
No of female equity partners: Two
Total no of fee-earners (including consultants, paralegals etc): 405
Total no of fee-earners (excluding consultants, paralegals etc): 152
Total no of staff: 740
Leverage ratio: 1:4.07
Equity partner to staff ratio: 1:12.41
Fee-earner to staff ratio: 1:0.83
Financial management: Partners' capital contributions £24,000. No lockup target.
Equity structure: Modified lockstep, with 15 of the 27 equity partners at the top of the equity. There is an additional 15 salaried partners.
Billable hours targets: The firm does not have, and has never had, billable hours targets. Instead, approximate guidelines based on fees are given to each lawyer at the beginning of the year.
Key clients: Caterpillar, Cattles, Debenhams, HBOS, Homestyle Group, National Australia Bank, Persimmon, Royal Bank of Scotland, Standard Life.
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