TLT Solicitors – UK 100

Turnover: £17.5m

Profit per equity partner: £220,000

Equity spread: £158,000-£230,000

Net profit: £3.9m

Profit margin: 22 per cent

Salaried partner remuneration: £80,000 (average)

Revenue per lawyer: £112,000

Revenue per partner: £461,000

Revenue per equity partner: £972,000

Cost per lawyer: £87,000

Profit per lawyer: £25,000

No of partners: 38

No of equity partners: 18

No of female partners: Nine

No of female equity partners: Three

Total no of fee-earners (including consultants, paralegals etc): 190

Total no of fee-earners (excluding consultants, paralegals etc): 156

Total no of staff: 315

Leverage ratio: 1:6.56

Equity partner to staff ratio: 1:6.94

Fee-earner to staff ratio: 1:0.66

Financial management: £2.2m of WIP at year-end. A third of WIP is older than 120 days and the remainder is 60 days or younger. Average debtors 77. Practice profile by revenue is banking and lender services 27 per cent, corporate and commercial 26 per cent and property 25 per cent. Partner contributions are £10,000 per 10 equity points. No material debt and no adjustment for FRS5.

Equity structure: Modified lockstep. Partners spend an average four to five years as salaried partners before moving into the equity. Equity partners can be frozen on the lockstep, but also accelerated and decelerated. However, the firm has not operated a downward lockstep except for retiring partners. The typical progression to full share is five to six years. Remuneration and progression are determined on the recommendation of the managing partner and senior partner.

Billable hours targets: 1,100 partners.

Key clients: Avon Rubber, Alfred McAlpine, Barclays, First Choice Holidays, GMAC, Hanson, Lloyds TSB, Punch, Spirit, Triodos Bank.