Nicholson Graham & Jones – UK 100

Turnover: £26.5m

Profit per equity partner: £240,000

Equity spread: £128,000-£320,000

Net profit: £6.5m

Profit margin: 25 per cent

Salaried partner remuneration: £60,000-£200,000

Revenue per lawyer: £250,000

Revenue per partner: £520,000

Revenue per equity partner: £981,000

Cost per lawyer: £189,000

Profit per lawyer: £61,000

No of partners: 51

No of equity partners: 27

No of female partners: 12

No of female equity partners: Four

Total no of fee-earners (including consultants, paralegals etc): 125

Total no of fee-earners (excluding consultants, paralegals etc): 106

Total no of staff: 260

Leverage ratio: 1:2.04

Equity partner to staff ratio: 1:5

Fee-earner to staff ratio: 1:1.08

Financial management: The lockup target is 105 days (WIP 60, debtor days 45), achieved 118 at year-end (average WIP 25 days, average debtor days 93). The debtor days were particularly high last year due to a one-off billing matter, which has now been resolved. Partners’ fixed capital contributions are £117,000.

Equity structure: The firm operates a modified lockstep with partners entering the equity on five points and gaining 1,000 shares a year, rising to 13 points. There is a bonus pot of 5.5 per cent of the firm’s profit. The remuneration committee can adjust partners pay downwards by 15 per cent if they are not performing. Any more than that needs partner approval.

Billable hours targets: Assistants 1,500, partners 1,200 and 1,300.

Key clients: Blue Circle Industries, Dunbar Bank, Eurodis Electron, Henderson Global Investors, The Heron Group.