Private equity-backed Knights is expected to turnover in excess of £15m during 2014/15 having hit £7.5m at the half-year.
During the 2013/14 financial year Knights generated £12.4m in revenue and £3.4m of net profit. The firm’s average profit per equity partner stood at £240,000 in the same year.
If managing partner David Beech’s 2014/15 prediction comes to fruition, the firm will have grown its top line by 66 per cent from £9m in 2012/13, when it received private equity investment from former Dragons’ Den investor James Caan’s private equity house Hamilton Bradshaw (12 June 2012).
Beech was less forthcoming on profit projections for the coming financial year end but said he expected it to up in line with revenue growth and that the firm was taking on about five additional fee-earners each month.
The past two years have seen around 80 new appointments at Knights, taking the firm to around 200 staff, 140 of which are fee earning. Beech said by the end of the year he hoped to have between 170 and 175 fee earners.
At £15m the firm would be ranked around 150 in the The Lawyer’s UK 200.
Knights was granted an ABS licence in January 2013 ahead of an ambitious expansion plan to become a top 100 law firm by 2017.
Six month’s after becoming an ABS investor James Caan spoke about the firm’s expansion plans and said: “We are actively looking to acquire the right sort of firms.” (22 July 2013).
One year into a three-year strategic plan, Beech said the ABS model had enabled the firm to make quick business decisions in the interests of the firm rather than individual lawyers and therefore it was on course to break into the top 100 in 2016.
Knights has three offices in Chester, Staffordshire and Gloucestershire, the former was acquired from Hill Dickinson in in July 2013 (29 July 2013).
The firm attributed 41 per cent of its growth to real estate, with private client and personal contributing 26 per cent.
Both employment and dispute litigation have experienced a 9 per cent increase with the corporate and commercial practice growing its income by 15 per cent.