Profit per equity partner: £415,000
Equity spread: £205,000-£525,000
Net profit: £54m
Profit margin: 32 per cent
Salaried partner remuneration: None
Revenue per lawyer: £301,000
Revenue per partner: £1,210,000
Revenue per equity partner: £1,285,000
Cost per lawyer: £204,000
Profit per lawyer: £97,000
No of partners: 138
No of equity partners: 130
No of female partners: 20
No of female equity partners: 20
Total no of fee-earners (including consultants, paralegals etc): 729
Total no of fee-earners (excluding consultants, paralegals etc): 554
Total no of staff: 1,517
Leverage ratio: 1:3.20
Equity partner to staff ratio: 1:6.06
Fee-earner to staff ratio: 1:1.08
Financial management: Average WIP improved 11 per cent on 2002-2003 to 53.4 days. Average debtor days 44.5 days. “Negligible” debt, partners’ capital contributions approximately £150,000.
Equity structure: Eight-year lockstep. The equity starts at 28 points and increases each year in equal percentages, with the plateau at 70 points. The past two years have seen Camerons gradually phasing out salaried partners and introducing all its partners to the equity. During the transition process, and for the purpose of PEP calculations, the firm is taking its equity as 130 (eight partners are on a fixed share equity). Next year the figure will be 138.
Billable hours targets: 1,600
Key clients: Lloyds TSB, Metronet, National Australia Bank, National Grid Transco, Taylor Woodrow Developments, The Wellcome Trust.