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Shakespeares has posted revenue of £39.6m for the financial year 2012/13, up 34 per cent from £29.6m in 2011/12 following its latest merger in September.
The unaudited figures place net profit for the year at £11m and profit per equity partner (PEP) at £220,000, up 13.4 per cent on last year’s £194,000.
In September, Shakespeares merged with Leicester-based Harvey Ingram (24 May 2012). Harvey Ingram posted revenues of £19m in 2011/12, but Shakespeares CEO Paul Wilson said that the unaudited figures released this week do not include the four months of 2012/13 in which Harvey Ingram was trading independently.
In 2011/12, total revenue at Shakespeares rose by 4.2 per cent, from £28.4m in 2010/11 to £29.6m.
Wilson said the firm remains confident that its acquisitorial strategy is good for the business, adding that it would continue to strengthen its core business with lateral hires and by acquiring more niche practices in the Midlands.
Shakespeares is planning its sixth acquisition since 2010 through a tie-up with planning boutique Marrons (31 May 2012). The merger is expected to go live in September and will strengthen the firm’s planning practice.
Discussing the firm’s growth strategy, Wilson said: “£50m would appear to be very achievable this year and I hope that will be a foundation for us to build the business even quicker.”
Wilson has stated publicly his aim to grow the firm into a £50m mid-tier heavyweight by 2014, edge into the top 50 UK law firms and shore up its regional practices (23 July 2012).
He estimated that total turnover, including legacy Harvey Ingram revenue from the first four months of the last financial year, was around £45m.