Beachcroft has revealed its year-end results, showing turnover up just 2.5 per cent on last year to £114m.
Beachcroft senior partner Simon Hodson expressed disappointment, saying: "We'd have liked to have done better, but we see this as a pause in the process."
Last year the firm reported turnover up 14 per cent from £98m to £112m and this year Beachcroft has repositioned itself to grow its core areas, insurance and healthcare, leading to the closure of its close International Practice Group (IPG) last week (thelawyer.com 12 May).
Managing partner Paul Murray said the previous year had been a "year of consolidation" with the firm introducing a new strategy and investing heavily in new offices in Bristol.
"In the last year we have taken some necessary decisions that have resulted in changes to certain parts of our business and the way they are run which have, in turn, temporarily affected our turnover," he said.
Hodson predicted the firm would reap the benefits of its core services strategy during the next year, although, he said, the budget was yet to be formally set.