Clarke Willmott has posted revenue growth for the first time since 2007/08 with turnover climbing 9.3 per cent to £36.2m at the latest year-end.
The bounce back comes after five years of falling revenues, with average profit per equity partner (PEP) falling to a 10-year low at the end of 2012/13 to £140,000 from £163,000 in 2011/12.
The firm recorded a revenue high of £53.2m in 2007/08, up 18 per cent from £45.1m a year earlier, but since then turnover has been on a downward trend (see box below).
Over the last 12 months the firm has looked to reboot growth through the acquisition of a 10-strong team from the now defunct Challinors for its Birmingham office (22 August 2013). However, it was not all good news for Clarke Willmott, which was dropped from the Crown Estate’s rural panel at the end of the financial year (1 April 2014).
The firm kickstarted 2014/15 with the promotion of 10 partners, seven of whom were made up in Bristol, with Manchester, Taunton and Birmingham picking up a new partner each.
Clarke Willmott has also made three lateral partner hires. Those include former Irwin Mitchell personal injury partner Philip Edwards and family partner Rayner Grice, who joins from niche firm Blair Allison, in Birmingham. In London the social housing sector team will be joined by partner Jessica Taylor from Clarkslegal.
Clarke Willmott chief Stephen Rosser said the appointments would underpin further growth over the next 12 months.
|Financial year-end||Revenue (£m)||Percentage change (%)|
|Source: The Lawyer UK200|