"The firm offers a high quality personable service and gives good advice. The lawyers are strong relationship builders who would rather tell a client not to progress in a wrong direction than take a fee for doing so." A client Chambers Confidential 2010Achievements & AmbitionsNumber of Partners, year ending 30 April686564602010200920082007Turnover, year ending 30 April201042.6m200940.5m200837.1m200732.2m2010Total Number of Fee Earners, year ending 30 April196200917820081662007154Having put themselves before the firm's partners and fee earners at our annual conferences for a "Question Time" session, the Management Board of Henry Sainty, David Smellie and Adam Walker together with Ben Bennett, Chief Operating Officer, and Sue Shale, Chief Financial Officer, now reflect further on a number of relevant issues.This is what they have to say... On AchievementsQ: Looking back over the year, you've bucked the sector trend in terms of delivering a healthy set of financial results. What do you put that down to? Adam: Last year was an extraordinary year when almost everyone - businesses, individuals and institutions - was tested in ways that were unprecedented.In these testing times, we simply remained true to our belief in stewardship to determine our strategic decisions. Stewardship supposes a variety of responsibilities; a long-term view, a belief in long-term relationships, a commitment to retention and development of clients and staff, and an obligation to future generations.Henry: We focused on what was in the clients' best interests. Delivering a service that reflected what they needed in the economic environment they were in and that aimed to provide advice and support that was truly valued."I really couldn't speak more highly of Farrer & Co. The firm never over-eggs the pudding and we get great value for money from them."A client Chambers ConfidentialQ: Have changes in hourly rates played a part?Sue: No. We have our staff and partners to thank for working flat out to support the clients and each other. They also supported us when we took the decision to freeze our rate and pay bands during the year in response to the financial challenges that our clients were facing. Adam: In addition to supporting our existing clients, we have also attracted significant new clients over the year - because we always look to provide value for money and due to an increasing awareness of the extent of what the firm can offer.Farrer & Co is runner up in Managing Partners Forum "Best Managed Firm" award.2Farrer & Co | 2010 ReviewFarrer & Co | 2010 Review3

Q: Lots of organisations had no choice but to make redundancies to be able to cope with the economic conditions. What measures did you take?David: When we first saw what was happening, we met as a management team and agreed that a primary commitment was that we would do all we could to retain the collective talent that we see at all levels of the firm. We place enormous importance on attracting, developing and retaining approachable, distinctive and proactive people who combine the highest technical ability with judgement, perspective and breadth of interest.Ben: We didn't want to lose any of them. Not just for the sake of continuity of relationships with clients and contacts, but also, rather selfishly perhaps, for our own sake. A mindset that looks to the long term means that achievement is measured by what you've created for the future. So actually our proudest moment as a management team was looking at the talent in front of us at this year's fee earners' conference and seeing what a very bright future lies ahead.Sue: We didn't make any compulsory redundancies or introduce reduced working hours.In fact, we've been investing in the future of the business and recruiting new fee earners this year. We have also increased the number of partners. Indeed we start 2010/2011 with a total of 76 partners, through a combination of recruitment and promotion." 'The range of work is brilliant, but the people are what really make me want to come to work every day.' Just one remark from a contented Farrers trainee - but this reflects nearly all the other comments when trainees were asked about the best thing about their firm. another adds, 'they are some of the most generous, fun and outgoing people I have ever met.' "The Lex 100 verdict based on interviews with traineesAchievements & Ambitionslove loyaltyWe prefer to show our commitment through high quality advice, unparalleled service and long lasting relationships that benefit both our clients and ourselves."Highly Commended" for "Most Effective Employee Benefit Scheme" The 2010 Lawyer HR Awards.4Farrer & Co | 2010 ReviewFarrer & Co | 2010 Review5