Monckton Chambers has doubled its turnover during the past five years, with its annual revenue set to smash the £10m barrier after a record year saw growth in the tax and competition practices.
The set earned £9.6m this year, up from £8.8m last year and almost doubling its 2000-01 turnover of £5m. Growth in average individual income has been steady, with Monckton barristers bringing in £282,000 this year compared with £203,000 in 2001.
David Hockney, senior clerk at Monckton, said the growth in turnover was down to the increase in competition litigation and a strong performance in tax.
“The Competition Appeal Tribunal is a hive of activity and we’ve attracted a lot of instructions,” he said. “We do nearly 70 per cent of the work there.”
The indirect and private tax practices contributed by building up relationships with lucrative clients, such as HM Revenue & Customs, Deloitte, Ernst & Young and PricewaterhouseCoopers.
Hockney said the growth has attracted interest from other members of the bar looking to move chambers. This year alone, EU specialist Philip Moser joined from Hailsham Chambers in February and Ronit Kreisberger joined from Herbert Smith.