Financials and firm overview
Birmingham firm Anthony Collins reported a 6.7 per cent increase in turnover last year, from £15.6m to £16.6m. The firm has added £3m to its top line in five years, representing growth of 22.1 per cent.
Revenue per lawyer was £156,000, up a little from £153,000 the previous year. Revenue per partner also rose, up by 6 per cent from £581,000 to £616,000.
The firm reported average profit per equity partner of £198,000 last year, up 32 per cent from £150,000 after two years of declining profit. This put net profit at £2.4m or 14.3 per cent. Average earnings per partner were £147,000, up from £126,000 in 2015/16.
Anthony Collins has a strong focus on social and charities-related work but is also seeking to strengthen other areas. Last year it hired Bevan Brittan partner Olwen Dutton as head of local government and appointed a new regulatory lead, as well as making partners up in its charities and health and social care teams.
Anthony Collins continued to add headcount last year. Total staff numbers rose to 251.4 full-time equivalents, up from 232 the previous year. Fee-earner numbers increased 9.8 per cent from 133 to 146, while the number of qualified lawyers rose 4.3 per cent from 102 to 106.4 FTEs.
Despite the growth at lawyer level there was no change in the number of partners, static at 27 including 12 equity partners.
Women represented 60.3 per cent of Anthony Collins’ lawyers and 40.7 per cent of its partners.
Financial management/remuneration structure
Anthony Collins achieved lockup of 155.8 days at year-end, comprising 103.1 days’ work-in-progress (WIP) and 52.7 debtor days. Lockup as a yearly average was slightly longer at 167.7 days – 112.6 days’ WIP and 55.2 debtor days. Lockup at the end of the year dropped a little from 158 days in 2015/16.
The firm had borrowings of £2m at year end, down from £2.6m the previous year, and net debt of just over £1.5m.