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This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Tanfield Chambers announced this week that it has completed the freehold purchase of new premises, becoming the latest set to quit the Inns of Court.
The 64-tenant set, headed by Peter Hughes QC, will move from its rented building in the Inner Temple to offices at 2-5 Warwick Court in August. It paid in the region of £3m for the property.
Barristers at Tanfield, which merged with Francis Taylor Building in 2001, have been sharing four to a room for some time now. The new 12,000sq ft property – currently being refurbished at a cost of £750,000 – will mean members will be only one or two to a room.
Tanfield bought the adjacent 19th century buildings using a self-invested personal pension (SIPP), rather than the shared freehold model favoured by other chambers making the leap to buying premises. A SIPP enables the rent, which will be paid collectively by members to a management company, to contribute to their personal pensions – along with an entitlement to a 40 per cent tax rebate.
Christopher Heather, a property junior at Tanfield, explained that the decision to look for new premises had been taken six months ago. Other sets to have purchased their own freehold premises include 7 Bedford Row and St Philip’s in Birmingham.