Turnover (£m): 43.3
Average PEP: 288
Equity spread (£k): 190-390
Profit margin (%): 14
RPL (£k): 230
Bristol-headquartered TLT continued to increase its turnover during 2010-11, posting an impressive £43.3m compared with £41m in 2009-10. Managing partner David Pester attributed this to his firm’s hires and client wins. TLT bagged finance litigation partners David Pacey and Richard Clayton from Halliwells, while Miles Trower joined from Osborne Clarke as a partner in the competition practice.
At the end of 2010 TLT won one of its biggest mandates to date after advising administrators Zolfo Cooper on the sale of 17 Balls Brothers and Lewis & Clarke bars and restaurants to UK bar and club operator Novus Leisure.
Litigation was particularly strong, bringing in 28 per cent, or £12.1m, of total revenue. Pester said the firm will now look into supplementing the teams in sectors that are beginning to show growth again, such as corporate. This area accounted for £10.8m of total revenue last year.
With regards to TLT’s lockup target, Pester said there is a trend towards work on a conditional basis. Average work-in-progress increased from 33 to 40 days, while average debtor days climbed up from 89 to 116. Net profit rose from £6m to £6.05m, which meant profit per equity partner increased slightly, from £285,000 to £288,000.
The firm operates a modified lockstep remuneration system whereby it usually takes between two and three years for partners to reach plateau.