Profit per equity partner: £158,000
Equity spread: £128,000-£166,000
Net profit: £3.8m
Profit margin: 20 per cent
Salaried partner remuneration: £69,000 (average)
Revenue per lawyer: £153,000
Revenue per partner: £508,000
Revenue per equity partner: £804,000
Cost per lawyer: £123,000
Profit per lawyer: £30,000
No of partners: 38
No of equity partners: 24
No of female partners: Eight
No of female equity partners: Two
Total no of fee-earners (including consultants, paralegals etc): 167
Total no of fee-earners (excluding consultants, paralegals etc): 126
Total no of staff: 314
Leverage ratio: 1:3.76
Equity partner to staff ratio: 1:6.13
Fee-earner to staff ratio: 1:0.88
Financial management: Average WIP 55 days, average debtor days 70. Debt stands at £410,000. Partners are expected to contribute £750 per profit-sharing point, so that partners joining at the top of lockstep would contribute £75,000.
Equity structure: The firm moved from pure lockstep to modified lockstep in 2002. Partners enter the equity on 51 points and move to 100 points over seven years. Plateau partners can also be awarded an extra 20 points and high achievers can double-jump up the lockstep in a single year. Similarly, partners can be pushed down.
Billable hours targets: 1,320 for full-time fee-earners. Members of the partnership board on 60 per cent fee-earning.
Key clients: Prudential Property Investment Management (the ‘Mexican Wave’ initiative in conjunction with Lovells), Office of Government Commerce (L-CAT Panel), Royal Bank of Scotland, Union Railways Property.