Profit per equity partner: £280,000
Equity spread: £220,000-£315,000
Net profit: £9m
Profit margin: 23 per cent
Salaried partner remuneration: £110,000
Revenue per lawyer: £219,000
Revenue per partner: £617,000
Revenue per equity partner: £1,234,000
Cost per lawyer: £169,000
Profit per lawyer: £50,000
No of partners: 64
No of equity partners: 32
No of female partners: 11
No of female equity partners: Three
Total no of fee-earners (including consultants, paralegals etc): 402
Total no of fee-earners (excluding consultants, paralegals etc): 180
Total no of staff: 681
Leverage ratio: 1:3.63
Equity partner to staff ratio: 1:8.72
Fee-earner to staff ratio: 1:0.69
Financial management: Lockup target 150 (reducing to 120 days), achieved 150 (average WIP 79 days, average debtor days 71). Practice profile by revenue – corporate 32 per cent, real estate 35 per cent, litigation 19 per cent, private client 14 per cent. Average fixed capital contributions £18,000.
Equity structure: Modified lockstep with four levels. Partners enter on seven shares and can gain a maximum of 10 shares. Partners can move up every two years based on performance. There were 18 partners at the top of lockstep last year.
Billable hours targets: Assistants 1,400, partners 1,100.
Key clients: Abbey National, Arriva, Bellway, Department of Trade and Industry, Go-Ahead Group, HBOS, Huntsman, Northern Electric, NVM, Proctor & Gamble.