Profit per equity partner: £393,000
Equity spread: £195,000-£635,000
Net profit: £5.1m
Profit margin: 25 per cent
Salaried partner remuneration: Fixed-share partner average £150,000, salaried partner average £90,000.
Revenue per lawyer: £312,000
Revenue per partner: £615,000
Revenue per equity partner: £1,562,000
Cost per lawyer: £234,000
Profit per lawyer: £78,000
No of partners: 33
No of equity partners: 13
No of female partners: Eight
No of female equity partners: One
Total no of fee-earners (including consultants, paralegals etc): 80
Total no of fee-earners (excluding consultants, paralegals, trainees etc): 65
Total no of staff: 170
Leverage ratio: 1:2.46
Equity partner to staff ratio: 1:6.92
Fee-earner to staff ratio: 1:1.13
Financial management: Lockup target is 150 days, achieved 140 (WIP 55 days, debtors 85). Practice profile by revenue is corporate 34 per cent, property 40, litigation 20 and tax 6. The average fixed capital contribution for an equity partner is £86,000. Fladgates budgets on a recovery rate of 90 per cent of 100 hours charged time per month. Property costs are approximately 8 per cent of turnover.
Equity structure: Merit-based remuneration, with two partners at the top of the equity last year. Fladgates operates a four-stage partner system consisting of salaried partners, junior equity partners, equity partners and senior equity partners. In the last financial year the latter group was responsible for client billings of between £400,000 and £2.6m per annum and personal billings of between £290,000 and £600,000 per annum.
Billable hours targets: 1,400 corporate assistants. Partners have bespoke targets.
Key clients: Canisp, Cobra Beer, Gertner family, Jordan Grand Prix, Kleinwort Benson, SFX Sports Group, Starbucks, Zurich Professional.