07:13, April 28 263 0

2017-04-28 07:13:10
First Brexit-era financial results season kicks off with double digit rises

The 2016/17 UK law firm financial reporting season has kicked off with a bevy of notably healthy results from the mid market.

West End corporate and property firm Fladgate has unveiled provisional turnover results showing a 15 per cent rise to £49.2m, the sixth consecutive year the firm has posted a double digit rise in revenue.

Fladgate chairman Charles Wander said the firm’s new three-year, “2020 vision” plan would result in it adding a further 40 per cent to the top line, taking it to around £65m-£70m turnover. “That would represent a 200 per cent increase in revenue since our move to Covent Garden,” added Wander.

Freeths has also announced another consecutive year of growth, with annual fee income rising to £72m, a 12.7 per cent increase on last year, while ABS Knights reports a 64 per cent rise in revenue over the past 12 months to £33.5m.

The latter firm’s biggest ever annual increase follows a sustained period of investment with the recruitment of more than 100 professionals and specialist teams.

In the personal injury sector Minster Law has reported a 50 per cent rise in turnover from £37.2m to £55.8m, its first set of accounts since BHL (UK) Holdings acquired it from BGL Group last year. Under the terms of the transfer of ownership, BGL agreed to write off the balance of an outstanding loan of £39.8m.

The results are the first to become public since the Brexit vote, an event that most firms agree significantly impacted trading levels during calendar year 2016. For more detail on the wider impact of Brexit on the UK legal market see The Lawyer‘s Brexit hub.