Minster Law has boosted its turnover by 27 per cent to break the £100m barrier for the first time, posting an overall turnover of £104.1m for the 2011-2012 financial year.
Several factors contributed to the hike in turnover, according to Minster’s director of legal services Craig Underwood.
Firstly, the firm restructured its business last year by implementing a technology-led, skills-based approach within its three main operational centres, which allowed the firm to “maximise the profit costs in each part of the business,” commented Underwood.
The York-headquartered firm operates a corporate structure and has made a name for itself as the largest road traffic accident (RTA) personal injury practice in the UK. Due to the high-volume nature of its work - the firm handled 60,000 personal injury claims in the last financial year - the firm has an extremely low profit margin (15 August 2011). In 2011-12 the firm’s net profit was £2.2m, giving it a margin of 2 per cent.
The firm’s headcount grew slightly, with 31 qualified lawyers and 198 fee-earners generating last year’s revenue. The firm’s number of staff also increased, from 667 to 732. The firm’s catastrophic injury practice experienced significant growth, now comprising around 100 people, most of whom are fee-earners specialising in serious and catastrophic injury claims.
In spite of these increases, Minster helped keep overheads down last year partly as a result of completing its project to free up around 20,000 sq ft of office space by going paperless. This project formed part of the firm’s internal change programme, dubbed ‘Horizon’, which delivers Minster’s strategic plans for the year ahead.