The Lawyer Africa Elite 2014 features an in-depth look at 46 leading independent firms’ strategies in 15 key sub-Saharan jurisdictions, as well as the views of in-house counsel from some of Africa’s largest companies... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Total no of fee-earners (including consultants, paralegals etc): 190
Total no of fee-earners (excluding consultants, paralegals, trainees etc): 159
Total no of staff: 349
Leverage ratio: 1:1.88
Equity partner to staff ratio: 1:3.12
Fee-earner to staff ratio: 1:0.84
Financial management: Lockup target 120 days, achieved 144 (average WIP 14 days, average debtor days 130). Average fixed capital contribution £190,000. Watson Farley has an overdraft facility but has not used it for years. The firm has no bank loans.
Equity structure: All partners join as equity partners. The salaried partners have opted to step out of the equity for reasons such to work part time. The equity is structured as a managed lockstep with 14 steps. There is a presumption that partners move one step a year subject to being voted through four gates.
Billable hours targets: 1,700
Key clients: Citibank, CMA CGM, Fortis, HSH Nordbank, JPMorgan Chase, Nokia, Nordea, Oceaneering, Petroleum Geo-Services, Royal Bank of Scotland, Trafigura.