London firm Lawrence Graham has had a record increase in profits for the last year and upped average partner pay by around 35 per cent.
The firm’s turnover has grown to £49.3m from last year’s £39.7m, a 24 per cent increase. Profits have gone up by even more – the average partner now takes home around £380,000, up £100,000 on last year.
The increase in profitability is a result of lawyers putting in more hours and a general increase in chargeout rates in common with the rest of the profession, according to managing partner Bill Richards.
The firm is now awarding performance-related bonuses to its lawyers for the first time, and is considering a move to increase the average number of billable hours in the firm from 1,300 to nearer 1,400.
Richards says: “Company commercial and commercial property have been the strongest areas. But we’ve also found that litigation’s held up very well, notwithstanding the fact that we decided to disband our personal injury litigation in the middle of the financial year.”