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14 January 2005
14 January 2005
17 January 2005
Profit per equity partner: £208,000
Equity spread: £100,000-£365,000
Net profit: £23.3m
Profit margin: 29 per cent
Salaried partner remuneration: None
Revenue per lawyer: £190,000
Revenue per partner: £678,000
Revenue per equity partner: £678,000
Cost per lawyer: £134,000
Profit per lawyer: £56,000
No of partners: 117
No of equity partners: 117
No of female partners: 26
No of female equity partners: 26
Total no of fee-earners (including consultants, paralegals etc): 550
Total no of fee-earners (excluding consultants, paralegals etc): 418
Total no of staff: 1,009
Leverage ratio: 1:2.57
Equity partner to staff ratio: 1:3.92
Fee-earner to staff ratio: 1:0.83
Financial management: Lockup target 100 days, achieved 99 (average WIP 31 days, average debtors 68). Partners' capital contribution £100,000-£300,000. Wragges has no debt, but £10m of credit.
Equity structure: Merit-based. Remuneration determined by profit-sharing committee of senior partner, managing partner and three elected members.
Billable hours targets: 1,480 associates, 1,000 partners.
Key clients: BT, Castlemore Securities, Department of Trade & Industry, Ford, National Grid Transco, Nomura, Powergen.
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