Turnover (£m): 64.5
Average PEP: 266
Equity spread (£k): 157-305
Profit margin (%): 19
RPL (£k): 253
Following the acquisition of a significant chunk of failed firm Halliwells and subsequently launching a Manchester office last year, Gateley boosted its turnover by 27 per cent, just shy of its forecast of 30 per cent in 2009-10. The firm’s growth is attributable to the Halliwells gains.
The areas Gateley has boosted as a result of the acquisition include banking and finance, corporate, real estate, commercial litigation, IP, employment and construction. But the national firm’s profit margin fell from 35 to 27 per cent, while average profit per equity partner decreased by 20 per cent, from £302,000 to £240,000. This is due to the firm’s decision to maintain headcount, with staff utilisation levels sitting at around 80 per cent, resulting in high overheads.
Despite the difficult market Gateley continued to invest in recruitment. It also made two appointments to its management board.
The board is up for election each year and comprises mainly fee-earning partners. It handles key decisions, including allocation of the discretionary element of its modified lockstep remuneration system.