Thanks to the AFR for the following profile:
Partner Remuneration System
Performance-based with a bonus. Partnership size dwarfs its rivals.
Partner Pay For 2008/09
The firm paid a bonus to many partners last year, for the third year in a row. The very top equity partners took home $1,450,000.00, while about 40% got $1,100,000.00, inclusive of bonus, last year.
Pay
Estimated Profit Margin = 40%
Estimated Profit = $197,000,000.00
the faces behind the partnershipEstimated Profit Per Lawyer = $190,000.00
Estimated Profit Per Equity Partner = $890,000.00
Revenue
Revenue 2008/09 = $493,000,000.00
Revenue Change = +4.7%
Revenue Per Lawyer = $470,000.00
Revenue Per Partner = $1,760,000.00
Revenue Per Equity Partner = $2,230,000.00
The Verdict
Chief executive partner John Weber says his first year was “very tough”, especially in the second half, when work levels failed to return after Christmas – although conditions began to improve in May and June. Almost 5% revenue growth for the last year was driven by the government practice group, along with litigation, human resources and industrial relations, which all reported double-digit revenue growth.
Comment
Minter is the behemoth in terms of partner numbers, which creates challenges in terms of integrating systems and cultures, but the management team is seeking to bring offices closer together. The firm became more profitable by planning for the financial crisis two years ago, when it sublet office space. While its size and revenue performance suggests Minter is one of the leading players, it is somewhat enigmatic to its competitors.
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