TLT has targeted a 60 per cent rise in revenues with the aim of producing annual turnover of £80m by 2017 after re-electing managing partner David Pester for a fifth consecutive three-year term with effect from 1 May.
Partners endorsed Pester’s continuing leadership in an uncontested election, which according to the firm kicked off in February and concluded this month.
The firm posted a 10 per cent increase in revenue for the 2012/13 financial year, to nearly £49m (6 June 2013), before raiding local competitors to open in Manchester in July (27 November 2013). Pester said the Manchester office had grown more quickly that anticipated, as a result he expected to budget £5-6m in revenue for the base in the next financial year, having originally expected it to generate just £3m in the first 18 months.
“As a consequence of what we do we will be achieving at least £57m this year, and £80m within two to three years,” Pester added.
TLT is in the middle of its first three-year strategy since 2008, when the firm responded to the economic crash with short-term planning until resuming its three-year approach in 2013.
Commenting on what might have happened if he had not been re-elected, Pester said: “Because the strategy is set with input from the partners, I would be surprised if it needed to be changed in the event of a change of leadership”.
Looking to the end of the 2013/14 financial year Pester predicted a turnover rise, despite the pressure on profit margins. He commented: “The market has an appetite for firms with more resource out of London”.
TLT recently lost an equity partner and two lawyers from its City corporate team to DWF. Corporate partner Richard Tall left TLT on 31 January, along with associates Joe Cobley and Caroline Urban (5 February 2014).
The firm is yet to replace the corporate team but recently hired employment partner Mark McQuillan from Michael Simkins and regulatory partner Emily Benson who was formerly in house at Santander and the Financial Conduct Authority.
As well as opening in Manchester, in the last two years the firm has set up a new office in Belfast and merged with Scottish law firm Anderson Fyfe, adding offices in Edinburgh and Glasgow (9 May 2012).