Profit per equity partner: £239,000
Equity spread: £145,000-£260,000
Net profit: £5.9m
Profit margin: 35 per cent
Salaried partner remuneration: £80,000-£100,000
Revenue per lawyer: £144,000
Revenue per partner: £488,000
Revenue per equity partner: £678,000
Cost per lawyer: £93,000
Profit per lawyer: £51,000
No of partners: 34
No of equity partners: 25
No of female partners: Four
No of female equity partners: Three
Total no of fee-earners (including consultants, paralegals etc): 140
Total no of fee-earners (excluding consultants, paralegals etc): 115
Total no of staff: 254
Leverage ratio: 1:3.31
Equity partner to staff ratio: 1:4.65
Fee earner to staff ratio: 1:0.81
Financial management: The firm has reduced both its WIP and debtor days by having a “strong emphasis on getting bills out and paid before the end of the financial year”. It ended the year with no borrowings. Brodies operates billing targets at each quarter and has this year increased the frequency of billing clients that had previously been billed only once or twice a year. The firm’s equity contributions are a maximum of £100,000.
Equity structure: The firm operates a modified lockstep with 10 per cent merit element. Short five-step ladder means approximately 70 per cent of partners are at the top.
Billable hours targets: 1,100 partners.
Key clients: British Airports Authority, Lothian Buses, MacDonald Estates, Rolls Royce, Royal Bank of Scotland, Strategic Rail Authority.