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Boodle Hatfield has posted a 2 per cent rise in turnover to £20.7m for the 2012/13 financial year, marking the first time that the until now publicity shy firm has reported its year-end results.
Last year Boodle Hatfield generated a net profit of just over £4m and an average profit per equity partner of £401,000.
Boodle Hatfield senior partner Richard Maughan said the decision to break cover with the financials was made partly because of a programme of modernising in recent years and partly because the firm recently converted to LLP status and would be obliged to file its results.
“We also think we have a good story to tell,” continued Maughan, adding that another reason to raise Boodle Hatfield’s profile was to assist with recruitment in key areas.
“Strategically we’re not looking to change direction, we’re continuing to focus on advising global wealthy families, property clients and owner-managed businesses, ” Maughan said. “For example, the corporate group generated around 10 per cent of revenue which is relatively small but we’re happy with that. We’re looking to recruit mainly in private client-related areas.”
The firm’s financial filings for The Lawyer UK 200 revealed that Boodle Hatfield had £660,000 of total borrowings last year, the tail end of a fit-out loan of around £3m it took nearly 10 years ago for its then new offices at 89 New Bond Street.
Maughan said the firm had been paying this off at around £300,000 per annum and had now cleared it and was otherwise debt free.
Around 40 per cent of Boodle Hatfield’s total fee income was generated by the property department headed by partner Caroline King while the litigation group headed by partner Simon Fitzpatrick also enjoyed a strong year, chipping in 19.2 per cent of revenue. The latter boosted its contribution by 40 per cent during the year thanks to the dispute resolution team having acted in major cases for Isis Investments Limited and former first deputy director general of Aeroflot Nikolay Glushkov.
The 28-partner London-based firm, one of the oldest and more traditional in the UK, specialises in acting for wealthy individuals, families, property owners and businesses in the UK and internationally. It has represented key client the Grosvenor family since 1722 while other key clients Bedford Estates and IBM Pension Trust.
Boodle Hatfield has a lock-up target of 110 days which it bettered last year, with a year-end work in progress of 48.2 days and 60 debtor days.
The firm will make its first appearance in the UK200 next month when the full report is published.