The firm's 119 partners are estimated, according to guesses made by outsiders, to have earnt £1.8m each last year, says The Independent. The practice has a turnover equal to half of what the other Magic Circle firms each earn, says the newspaper, but it is thought to pay its partners 50 per cent more. The paper puts this down to its 'must-have reputation, plus the lower cost of running just one main office'. Nearly all the firm's activity takes place in London, apart from a few partners in Hong Kong and 'a couple of other satellite offices'.
Mr Saul talks of the close relations between partners who see each other daily, if they are not busy with clients, in the partners' dining room over lunch. He said: 'The sense of growing up together and understanding everybody’s foibles is strangely important. The flipside is we haven’t had additions to the gene pool. To some extent, there is cost-benefit analysis in there, but we think that preserving what is a close and co-operative culture is very important.' Of the 119 partners, 100 have been with the firm throughout their careers. Source: The Independent