Kendall Freeman – UK 100

Turnover: £18.9m

Profit per equity partner: £312,000

Equity spread: £180,000-£460,000

Net profit: £5.3m

Profit margin: 28 per cent

Salaried partner remuneration: £130,000 for fixed-share equity partners.

Revenue per lawyer: £344,000

Revenue per partner: £900,000

Revenue per equity partner: £1,260,000

Cost per lawyer: £247,000

Profit per lawyer: £96,000

No of partners: 21

No of equity partners: 15

No of female partners: Five

No of female equity partners: Three

Total no of fee-earners (including consultants, paralegals etc): 78

Total no of fee-earners (excluding consultants, paralegals etc): 55

Total no of staff: 151

Leverage ratio: 1:2.27

Equity partner to staff ratio: 1:4.87

Fee-earner to staff ratio: 1:0.94

Financial management: Average WIP 50 days, average debtor day 57. Nil debt on a net basis. Partners’ capital contributions based on the equity units in business range from £22,000 to £220,000.

Equity structure: Fifteen of Kendall Freeman’s partners are full equity partners, or ‘senior equity’. Five partners are ‘fixed-share equity’, whose remuneration is partly fixed share and partly based on variable units – a minimum of 40 per cent, which rises as the partner becomes more senior. There is no lockstep and remuneration is merit-based.

Billable hours targets: Assistants 1,425, partners 1,300.

Key clients: Insurers and reinsurers, including Axa, Soc Group, Trenwick Group, THB Group; banks and other financial institutions, including Price-waterhouseCoopers, Invensys, Corus; governments and public sector organisations, including the Nigerian government; Mohammed Al-Fayed.