Northern insurance firm Ricksons has profited from diversification, with a 23 per cent turnover rise to £13m.
The increase was driven primarily through the success of the firm’s commercial teams, which now account for around 50 per cent of Ricksons’ turnover compared with 10 per cent just five years ago. The firm’s average profit per equity partner hit £220,000 this year.
Managing partner Anthony Hughes said the firm’s young employment, private client and family departments had generated much of the growth. Commercial work was up by 43 per cent.
Ricksons’ core insurance business also grew, partly due to the new insurance fraud team led by former Silverbeck Rymer partner James Pinder.
Hughes said the firm would assess the opportunities offered by the Legal Services Bill.