Chester firm Aaron & Partners boosted its turnover by 7.4 per cent from £6.76m to £7.26m during the 2013/14 financial year.
The revenue increase follows Aaron’s acquisition of employment firm Bennett’s Legal in May, a tie-up that handed it a Shrewsbury office and boosted the firm’s headcount by 10 per cent.
Over the year the firm’s employment and wills trusts and tax teams pushed up revenue by 29 per cent to £900,000 and £1.2m respectively. The firm also made several appointments over the last financial year.
Aaron & Partners CEO Andy Duxbury attributed the improved financial results to investment in recruitment and the firm’s focus on commercial work.
“We have come out of the recession in relatively good health,” he added.
Duxbury said the firm was also benefitting from clients looking for work outside London as well as a reduction in the number of competitors due to market consolidation.
“We’re outside of Manchester, we’re not competing with city firms directly,” Duxbury added. “The changes in the market are seeing some of the firms that we might have seen as our peers being swallowed up.”
These new opportunities have improved the outlook on the firm’s future targets. Aaron & Partners estimates a future growth of 7 per cent for the upcoming financial year, which would see it generate a turnover of £7.8m.
Aaron & Partners’ current strategy has seen it invest heavily in increasing headcount. Five partners in total were appointed in the last 12 months, as well as new business services staff.
Appointments this year have included Richard Barge, formerly head of family at the firm, who was promoted to equity partner last year (20 September 2013) and David Potts, formerly from Manchester firm Ralli, who was hired as a partner in charge of litigation.