On the face of it, Lupton Fawcett’s ambitious plan to double turnover to £25m within the next few years looks unrealistic. The Leeds-based outfit reported a 0.8 per cent growth in turnover from 2009-10. Compare this with the 9 per cent growth from 2008-09 to 2009-10 and alarm bells may start ringing.
However, the firm did bag 32 former Ashton Morton Slack (AMS) staff at the end of 2010, four of whom were former partners. These four joined as associates rather than directors (the term Lupton Fawcett uses for partners). This took headcount up to 239 and lawyers up to 80. Lupton Fawcett also added a new childcare practice last year, a result of the AMS raid.
Managing director Richard Marshall said the impact of these hires had not been felt by the end of 2010-11. Turnover at the end of the first quarter of the current year was already 9 per cent up on the same point in 2010-11, Marshall added.
At press time Lupton Fawcett was in talks with four other firms concerning a possible merger.