In an outstanding year, the law firm has reported a record turnover of £168 million for 2023/24. This figure is a significant 14.1% increase from the previous year. The Manchester office contributed notably with a fee income rise of over 11%.
Such growth is largely attributed to new client wins and strategic lateral hires. Meanwhile, all staff will benefit from the highest-ever bonus pool, amounting to £3 million, reflecting the firm’s holistic success and appreciation for its team’s hard work.
Record Turnover and Financial Growth
The law firm reported a record turnover of £168 million for 2023/24. This represented a 14.1% increase from the previous year. The Manchester office saw fee income rise by more than 11%, largely due to new client wins and strategic lateral hires.
The firm’s fees grew by 14.6%, exceeding their ambitious targets for 2025 a year ahead of schedule. This growth highlights the firm’s strategic objectives and ability to achieve them promptly.
All staff will benefit from the highest ever bonus pool, which amounts to £3 million. Depending on length of service, employees will receive between £2,420 and £2,783 each.
Strategic Investments and High-Profile Hires
The Manchester office welcomed several high-profile hires in the past year. Ruj Dev joined as the firm’s new Chief Financial Officer, adding tremendous value to the team.
Chris Ross, head of the Manchester office, mentioned the significant headcount increase. He emphasised that the office now includes partner Simon Prendergast, who launched the Manchester banking team, and private client partner Christopher Noel.
Sector Presence and Expansion Plans
Ross shared that all teams had an excellent year. He noted their enhanced presence in key sectors such as technology, life sciences, food and drink, and healthcare.
The firm is committed to recruiting highly skilled lawyers and expanding its client base. Their growth strategy aims to increase their presence not just in the North West, but across the UK and internationally.
“We’re continuing with our investment in recruiting highly-skilled lawyers,” said Ross, “and look forward to expanding our client base as we press on with our growth strategy.”
Management’s Perspective
Claire Clarke, the managing partner, attributed the firm’s growth to the hard work and dedication of the staff. “Our growth is a direct result of the hard work and dedication of everyone at the firm,” she said.
Clarke announced the record bonus pool as a token of appreciation for the staff’s contributions. “We believe in rewarding our staff for their contributions,” she stated.
The firm made significant strategic investments this year, including the addition of 22 new partners and a new Birmingham office. These moves aim to foster both growth and an exceptional working environment.
Future Goals and Commitments
Clarke emphasised the importance of enhancing systems and technology to maintain the firm’s leadership in the legal marketplace. “As we look to the future, we remain dedicated to enhancing our systems and technology,” she said.
Sustainability and wellbeing are also top priorities for the firm. Clarke mentioned their commitment to these areas, ensuring they remain central to the firm’s strategic plans.
Market Position and Competitiveness
The firm continues to strengthen its market position through lateral hires and strategic client wins. It leverages its sector expertise in areas like technology and healthcare.
Their annual financial performance has positioned them as a competitive player in the legal industry. Ongoing investments and client expansion plans support their goal to maintain and enhance this position.
“We remain a true leader in the legal marketplace,” Clarke asserted, highlighting the firm’s commitment to excellence and growth.
Conclusion
The law firm continues to set new records and build on its strategic successes. Strong financial growth, high-profile hires, and a commitment to sustainability and wellbeing position the firm for ongoing success.
In conclusion, the law firm’s unprecedented financial achievements and strategic growth initiatives signal a bright future ahead. Their record turnover and impressive bonuses are a testament to this progress. Continued investments in talent and technology, alongside commitments to sustainability and wellbeing, ensure the firm remains at the forefront of the legal industry.