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Yorkshire firm Gordons has become the first to announce financial results for the 2011-12 financial year, recording growth of 8.6 per cent.
The firm grew turnover from £23.3m in 2010-11 to £25.3m in the financial year, which ended yesterday (30 April). The firm has now managed 11 successive years of growth.
Managing partner Paul Ayre told The Lawyer the firm had not yet finalised profit figures, but he expected them to be stable compared to the previous year. In 2010-11 Gordons recorded net profit of £8.3m, equating to average profit per equity partner of £917,000.
The firm added 50 fee-earners to its roster in the course of the year, bringing on board both solicitors and other fee-earners such as legal executives. Gordons also hired its first barrister. The firm has recently launched a charities team, headed by former Dickinson Dees partner Ros Harwood.
Ayre said the result was just short of the firm’s budget, which was for 9 per cent growth. Gordons is targeting a revenue increase of 11.5 per cent in the 2012-13 financial year, which is the third year of a three-year growth plan.
The firm is also in the process of carrying out a process review aimed at enhancing efficiency.
Ayre said the revenue increase was driven by a strong performance from the firm’s commercial property and commercial teams, which represent about 75 per cent of business, while the private client and personal injury departments saw slightly more modest growth.
“We’ve got a lot of momentum in the business at the moment and we want to keep that growing,” he said.
Ayre added that the recruitment of five apprentices, straight from school, in September 2011 had been successful. “They’ve been a breath of fresh air really. Clients love it,” he reported.
New clients for the firm during the course of 2011-12 included Chinese retailer Bosideng, German manufacturer Weidenhammer and Saudi Arabian Airlines.
The firm also unveiled a rebranded logo, designed by Leeds-based consultancy Elmwood.