Profit per equity partner: £275,000
Equity spread: £140,000-£430,000
Net profit: £41m
Profit margin: 23 per cent
Salaried partner remuneration: £140,000
Revenue per lawyer: £247,000
Revenue per partner: £845,000
Revenue per equity partner: £1,197,000
Cost per lawyer: £190,000
Profit per lawyer: £57,000
No of partners: 211
No of equity partners: 149
No of female partners: 28
No of female equity partners: 15
Total no of fee-earners (including consultants, paralegals etc): 1,018
Total no of fee-earners (excluding consultants, paralegals etc): 723
Total no of staff: 1,901
Leverage ratio: 1:3.44
Equity partner to staff ratio: 1:5.93
Fee-earner to staff ratio: 1:0.87
Financial management: Average WIP across all departments is 25 days, average debtor days is 90, with no specific lockup targets.
Equity structure: The firm operates a modified lockstep plus merit. Twenty per cent of the firm’s total profits are allocated using a merit-based system. From this year, this will increase to 30 per cent if the firm is more than 20 per cent off budget. This is allocated at one, three, six and ten points. There are thirteen categories of lockstep, only 11 of which were in use last year. Gateway at two to three years is appraised by the partnership committee. Gateway at five to six years appraised by remuneration committee, of which managing partner David Dickinson is now a member. Members are elected every two to three years. Ratio is around 1:3 between top and bottom.
Billable hours targets: Introduced 1 May 2004. Partners 1,500 hours, assistants 1,700 hours. Bonua at transition target of 1,600.
Key clients: China Telecom, Collins Stewart, Merrill Lynch, Railtrack, UBS.