Landmark Chambers and 7 King’s Bench Walk (7KBW) have each posted a 5 per cent increase in turnover in the last financial year, while Matrix Chambers’ revenue has stalled.
Planning set Landmark saw its turnover boosted from £19.3m in 2006-07 to £20.2m in 2007-08.
Chief executive Joanna Poulton told The Lawyer that an extremely healthy planning ;market ;was important for the set’s growth, although it has more cautious expectations for the forthcoming year due to the effects of the economic downturn.
“However, ;with ;the Government’s stated policy of building a vast number of new homes and its commitment to large infrastructure projects and green issues, it’s difficult to see this caution remaining for long,” said Poulton. “The property market’s ;changed ;in emphasis, with much more swing towards insolvency and investors looking to get out of or delay deals. Repossessions always rise in a recession.”
Commercial set 7KBW’s 5 per cent increase in turnover ;has ;seen ;its revenue hit £25.5m, up from £24.3m the previous year.
The set’s senior clerk Bernie Hyatt said it is important to note that chambers ;maintained steady growth, despite one of its biggest earners, former joint head of chambers Julian Flaux QC, departing for the bench.
“We’re very happy with these figures,” said Hyatt. “We remain very strong in the field of insurance, as you’d expect. Three other fields of law have been particularly good for 7KBW in the last year – these being professional negligence, energy and shipping, where we’ve been extremely busy.”
Hyatt ;added ;that chambers is confident it will increase market share in its core areas.
Meanwhile, Matrix saw its revenue remain flat, dropping from £13.5m in 2006-07 to £13.4m.
Chambers chief executive Lindsay Scott said this was due to a larger than usual percentage of work being publicly funded or carried out pro bono.
She ;added: ;“We’re predicting that this year turnover will once again rise.
Particular growth areas ;for ;us ;are ;our international work, which straddles many of our core areas, and our competition, EU and tax work.”