CMS Cameron McKenna – UK 100

Turnover: £167m

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.