Manches – UK 100

Turnover: £23.8m

Profit per equity partner: £209,000

Equity spread: £125,000-£280,000

Net profit: £4.5m

Profit margin: 19 per cent

Salaried partner remuneration: £80,000-£120,000

Revenue per lawyer: £222,000

Revenue per partner: £486,000

Revenue per equity partner: £1,133,000

Cost per lawyer: £180,000

Profit per lawyer: £42,000

No of partners: 49

No of equity partners: 21

No of female partners: 12

No of female equity partners: Seven

Total no of fee-earners (including consultants, paralegals etc): 134

Total no of fee-earners (excluding consultants, paralegals etc): 107

Total no of staff: 269

Leverage ratio: 1:2.76

Equity partner to staff ratio: 1:6.43

Fee-earner to staff ratio: 1:1.01

Financial management: Lockup target between 115 and 120 days, achieved 122 (average WIP 32 days, average debtor days 90). Average partners’ fixed capital is £80,000.

Equity structure: Modified lockstep with 10-year ladder of five two-year stages. Partners enter the equity on 500 points, rising by 100 points a step to 1,000 points. Progression through stages one and two are automatic, while the final three require elections by the equity partners. The ratio between top and bottom is just over 2:1.

Billable hours targets: 1,600 assistants, 1,300-1,450 for partners.

Key clients: Burford, Bail Investissement, Pizza Hut, Value Retail plc, Hiscox, Elle Macpherson, YJL Construction.