Profit per equity partner: £272,000
Equity spread: £180,000-£765,000
Net profit: £25.5m
Profit margin: 19 per cent
Salaried partner remuneration: £118,000
Revenue per lawyer: £197,000
Revenue per partner: £667,000
Revenue per equity partner: £1,447,000
Cost per lawyer: £160,000
Profit per lawyer: £37,000
No of partners: 204
No of equity partners: 94
No of female partners: 45
No of female equity partners: 20
Total no of fee-earners (including consultants, paralegals etc): 824
Total no of fee-earners (excluding consultants, paralegals etc): 689
Total no of staff: 1,505
Leverage ratio: 1:5.16
Equity partner to staff ratio: 1:7.24
Fee-earner to staff ratio: 1:0.83
Financial management: Lockup target 85 days, achieved 73 days at year-end, average 101 days (24 days WIP at year-end (year average 47 days) 49 debtor days at year-end (average 54)). Average fixed capital contribution £265,000.
Equity structure: The firm operates a modified lockstep of 16-26 points. There are gateways at 20 and 23 points, where a remuneration committee reviews partner performance. The committee has a limited ability to move partners up or down lockstep if necessary. There were 13 partners at the top of equity at year-end. There is also a ‘super-plateau’, where an additional two or three points can be added in recognition of exceptional performance. Heads of department or office are often given an extra point to thank them for taking on the extra responsibility. The structure has recently been adjusted, doubling the number of points on the lockstep but halving each point’s value to give more flexibility.
Billable hours targets: 1,500 assistants, 1,200 partners.
Key clients: Compass Group, Co-operative Group, HBOS, WPP Group.