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Litigation boutique Edwin Coe has launched a five-year growth plan focused on increasing turnover, setting its sights on becoming a £25m firm by 2018.
Turnover at the London-based firm increased 7 per cent in 2012/13, up from £15.4m to £16.5m. The figure marked a revenue increase for the second year running, with turnover rising 6.2 per cent in 2011/12 following a difficult 2010/11.
Senior partner David Greene told The Lawyer that the firm now hopes to turn over £25m within the next five years. He said the firm will do so via organic growth, with no intention to increase revenues through a merger.
Instead, the focus will be on expanding key practice areas. The firm is considering taking on an immigration capability in employment, for example, while construction and insolvency are also set to expand.
Litigation remains the firm’s main practice area, generating 46 per cent of overall revenue in 2012/13 compared to 39 per cent the previous year. This is followed by corporate at 24 per cent, down from 30 per cent in 2011/12, while property chipped in with 13 per cent.
CEO Tim Nash told The Lawyer that a major contributory factor to last year’s revenue increase was a number of conditional fee arrangements (CFAs) coming through, bringing CFA levels back to those of 2009/10, when revenue hit £16.4m.
However average profit per equity partner (PEP) dipped slightly during the year, from £378,000 to £346,000. According to Nash this was mainly down to provisions of bad debt – average debtor days during 2012/13 stood at 87 days, an increase on 82 days the year before.
The firm’s clients include Lastminute.com, Ladbrokes and the RBS Group.