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West End firm Wallace posted a revenue of £8m in 2010-11, representing a 17 per cent rise on the previous year’s. Of that, corporate was the primary driver. The past financial year was the best ever for Wallace’s transactional team, with turnover up by 23 per cent. It is one of the firm’s three core areas, with real estate and litigation being the other two.
Other areas the 13-partner firm is currently looking to expand include private client and insolvency, while leasehold enfranchisement stretches across both real estate and litigation.
Growth via lateral hires remains very much on the agenda at Wallace. Since 2003 five laterals have joined the firm and both partner headcount and firm turnover have more than doubled.
Last year insolvency litigation partner Michael Clinch joined from Harbottle & Lewis after the firm realised it was referring work that could be done in-house. The next area for growth is likely to be private client.