Investment dents profits at law firm Fletchers
PROFITS have fallen at North West medical negligence and serious injury law firm Fletchers Solicitors after significant investment in new services staff and systems.
The Southport-based firm, which has become an ABS as part of a plan to become a top 100 law firm by revenue by 2018, said revenues in the year to April had risen £1m to £12m.
Pre-tax profits fell from £3.2m in 2013/14 to £1m. Over the past year, Fletchers has invested significantly to launch Patient Claim Line, a new consumer-facing brand, and the creation of its Medical Law Network, which offers other law firms an effective way to bring their services to market
Other areas of investment include an office expansion, taking the space from 16,00sq ft to over 24,000sq ft as 80 more staff were hired, taking the total to 290.
Chief executive Ed Fletcher, said: “The firm continues to be focused on becoming number one in the industry in our three core areas of medical negligence, serious injury and motorbike accident claims.
“As a result, we are striving to achieve Top 100 law firm status by 2018, and in order to do so we are currently re-investing heavily into the business to ensure we reach our goal in the right way. We want to grow, but retain everything that Fletchers stands for, and that requires significant investment.
“We expect a modest growth in revenue again next year, but we are concentrated on 2018 where we hope to see our large book of medical negligence work reach settlement and our aim then is to achieve a significant increase in turnover and profitability, which would enter us into the Top 100 law firms.”
He added: “Fletchers has been successful by doing things differently and we aim to continue our dramatic growth by bringing in quality people to ensure all our clients are given the absolute best service.”
