Robey Warshaw's reminder why you want to work for a boutique

Robey Warshaw has released its results for the 18 months ending March 2015. They're impressive. Particularly when you consider that Robey Warshaw only has three partners, six other registered employees and three further support staff.

In the 18 months to March, Robey Warshaw generated £23.9m ($36.9m) in revenues. Operating expenses were £4.5m. Robey Warshaw's operating margin was 81%. That's a lucrative business.

Robey Warshaw's £19.4m of operating profits were available for distribution between its three partners, the esteemed M&A bankers Simon Robey, Philip Apostolides and Simon Warshaw. The partner with the 'largest entitlement' could have taken £9m. It's not clear whether he did.

Needless to say, life at a boutique isn't quite as lucrative when you're not a partner. Nor is it penurious either.

Robey Warshaw's six non-partner level employees shared £2.9m between them, an average of £317k ($490k) each over the eighteen month period.

As a reminder, Goldman Sachs International paid its average London employee £363k last year alone. However, this figure includes compensation for Goldman's senior staff. When Robey Warshaw's disbursements to its partners are included, average pay per head at the firm was £1.9m over 18 months or £1.2m over a year.

That's why you want to leave your big bank and work for a successful boutique instead.