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Thames Valley firm Boyes Turner, which pulled out of merger talks with legacy Blake Lapthorn and Morgan Cole last December, has reported strong results for the 2013/14 financial year.
The Reading firm saw turnover rise by 5.7 per cent, up to £15.5m from £14.7m the previous year. Net profit rose by 16 per cent and average profit per equity partner (PEP) was up by 25.4 per cent, partly owing to a net reduction in equity partner numbers of two.
Boyes Turner reported net profit for 2013/14 of £3.6m, compared to £3.1m the previous year. PEP rose from £205,000 to £257,000. The firm has increased PEP by 46 per cent in just three years, from £176,000 in 2011/12.
The strong results come in the same year as the firm’s decision to withdraw from tripartite merger talks with Blake Lapthorn and Morgan Cole (19 December 2013). Boyes Turner said it would “continue to consider a range of strategic options in this dynamic legal environment”.
The other two firms formally merged, creating Blake Morgan, on 1 July (20 March 2014).
Boyes Turner’s property team had a strong year, contributing 17 per cent of revenue or £2.7m, compared to £1.8m or 12 per cent of revenue the previous year.
When looked at as a percentage of revenue, the contentious and corporate teams both saw their contributions drop by 2 per cent, but there was little change in terms of absolute figures.
Corporate contributed £2.9m in the last financial year, compared to £3.1m the previous year, while the commercial litigation and personal injury litigation teams combined contributed £9.6m last year compared to £9.4m in 2012/13.
A total of 44 per cent of revenue, or £6.8m, was derived from personal injury or insurance-related disputes.
Last year was the second full financial year since the firm converted to LLP status. In December last year Boyes Turner published its first LLP accounts, for the 18 months from incorporation in October 2011 to 31 March 2013.
It reported a turnover of £21.7m for that period with profit of £5.9m, a margin of 27.2 per cent.