Brachers’ turnover continued to slide last year, dropping from £10.6m to £10.4m, but a marked reduction in the size of its fee-earning team along with greater efficiency sparked a surge in profitability.
The Maidstone firm’s profit margin leapt from 17 to 21 per cent, while its 14 equity partners took home an average profit share of £178,000, up from £141,000 the previous year.
But managing partner John Sheath said there is more to do. A partner conference in June set out an ambitious three-year strategy to propel the firm into the UK top 100 based on turnover and market share.
While litigation provided 60 per cent of Brachers’ revenue, it also has strong agriculture, employment and commercial property practices and expanded its corporate team over the year as work returned following the recession.
Brachers is casing an additional office in either London or the Thames Gateway area to provide a base closer to the City for its corporate, employment and commercial property lawyers.