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Our view....
Walker Morris is unique amongst the
major firms in Leeds in that it rigidly refuses to contemplate anything other than a single-site
existence. And it can't be said that this approach has done it any harm, as
it has consistently been one of the most profitable firms in the country.
Turnover for 2007/08 was up £46.6
million and profits per partner to £672,000. Which means the partners are taking home far more than
their competitors at decent, mid sized City practices. This is
partly because there aren't that many of them - the firm has a reputation for
being highly restrictive as to whom they let into the inner sanctum of the
equity partners. Some argue that their (constant)
profitability is symptomatic of high leverage and bulk litigation
rather than real growth. But then with those at the top making more
than £850,000 a year, the partners aren't complaining
either way.
What about the firm's single office
policy? Well, as the other major regional players scrambled to set up offices in
London, Europe and beyond, the firm calmly pointed out that there was
plenty of high quality work to be had in Leeds. And then set about proving it
beyond doubt. Not that the policy has stopped it from acting for
clients from further afield - it is regularly instructed by Gap and Debenhams and undertake all
European work for Caterpillar (tractors and shoes).
The firm is also well-respected
for its national PFI and real estate work and the corporate
group managed to buck recent trends by consistently posting increases in
turnover at a time when their competitors have been struggling.
Applicants should also know that the firm seems to be expanding,
regardless of the credit crunch: it kept on all 15 of its 2007
qualifiers and hired another seven on top.
If
you're a committed to a future in Leeds and reckon you're good enough to
crowbar your way into partnership in the future, this might
be the place for you. Those who'd at least like the option of working elsewhere and a greater
chance of equity at the end of it would be better off applying to less narrowly focused rivals.
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