York-based Langleys had another solid year, growing revenue from £15.7m to £16.2m and maintaining staff numbers. Insurance in particular put in a good performance, retaining its spot on the reduced Brit Insurance panel.
The year saw a strategic review of the partnership structure. The firm hired Addleshaw Goddard partner Mark Jones to review its partnership deed and advise on how to achieve its business objectives. These include an ambitious plan to break into the UK top 100 firms within two years and the top 75 within five.
The changes involved a number of de-equitisations, with partners now rewarded more on a merit basis. Further change could include narrowing the firm’s lockstep, which currently ranges from 10 to 100 points.
Managing partner David Thompson says he is open to a merger and wants to expand Langleys’ geographical reach. The firm already advises insurance and volume residential clients nationally, while its agriculture and commercial teams are focused more regionally. Langleys is also preparing to convert to an LLP.