Addleshaws partners at the top of the equity see their profit share rise 67%
Top of Addleshaw's equity rises to £936,000 as Hill Dickinson and Holman Fenwick both take revenue and PEP hits.
August 06, 2015 at 06:52 AM
2 minute read
Partners at the top of Addleshaw Goddard's equity saw their profit share soar 67% in 2014-15 as the firm's net-profit margin increased.
Partners at the top of the firm's equity took home £936,000 for the year to 30 April 2015, up from £560,000 the previous year.
Meanwhile partners at the bottom of the equity got a 12% increase in their profit share to £246,000, up from £220,000.
Average PEP increased 20% to £469,000, up from £392,000.
The firm's profitability increased slightly in 2014-15 to a net-profit margin of 24.5%, up from 23.2%.
Revenue increased by 11% from to £192.5m, up from £171.4m, and the firm's net-profit increased by 18.3% to £47.1m, up from £39.8m.
The firm said it also made increased use of bonus equity points, which are awarded for strong partner performance rather than seniority.
The increased profit share at the top end of the equity is in line with Addleshaw's stated goal that it wants its top earning partners taking home in excess of £1m by 2019.
The strategy, unveiled at the firm's 2014 partner conference, came alongside a target to raise the firm's profit margin to around 30%.
Meanwhile, both Hill Dickinson and Holman Fenwick Willan have seen their revenue and profit per equity partner (PEP) drop.
Holman Fenwick saw its revenue fall 3.5% from £144m in 2013-14 to £139m in the last financial year. Its PEP also fell from £545,000 to £496,000, a drop of nearly 9%.
Hill Dickinson experienced a similarly tough year, posting revenue of £104.4m in 2014-15, down 6.8% from £111.57m in 2013-14.
The firm's PEP also fell to £260,290, down 4.4% from £272,380 the previous year.
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