Watson Farley & Williams – UK 100

Turnover: £45m

Profit per equity partner: £358,000

Equity spread: £150,000-£620,000

Net profit: £17m

Profit margin: 38 per cent

Salaried partner remuneration: Individual packages.

Revenue per lawyer: £283,000

Revenue per partner: £714,000

Revenue per equity partner: £882,000

Cost per lawyer: £176,000

Profit per lawyer: £107,000

No of partners: 63

No of equity partners: 51

No of female partners: Seven

No of female equity partners: Six

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

Total no of fee-earners (excluding consultants, paralegals, trainees etc): 159

Total no of staff: 349

Leverage ratio: 1:1.88

Equity partner to staff ratio: 1:3.12

Fee-earner to staff ratio: 1:0.84

Financial management: Lockup target 120 days, achieved 144 (average WIP 14 days, average debtor days 130). Average fixed capital contribution £190,000. Watson Farley has an overdraft facility but has not used it for years. The firm has no bank loans.

Equity structure: All partners join as equity partners. The salaried partners have opted to step out of the equity for reasons such to work part time. The equity is structured as a managed lockstep with 14 steps. There is a presumption that partners move one step a year subject to being voted through four gates.

Billable hours targets: 1,700

Key clients: Citibank, CMA CGM, Fortis, HSH Nordbank, JPMorgan Chase, Nokia, Nordea, Oceaneering, Petroleum Geo-Services, Royal Bank of Scotland, Trafigura.