Law firm hits £3.6m profit mark
East Midlands-based law firm Nelsons has grown its after-tax profits by 27 per cent to £3.6 million – the first significant milestone on the way to achieving its three-year financial target.
The firm, which employs 190 people across its offices in Nottingham, Leicester and Derby, has also seen its turnover increase by eight per cent from £15.9 million to £17.2 million for the year ending May 2019.
The results represent a positive step towards the company’s aim of reaching the £20 million turnover mark by June 2021.
Chief executive Stewart Vandermark says the firm’s performance can be attributed to a combination of acquisitions in previous years, investment in IT, a restructured property portfolio and a “more focused” approach to business development.
He said: “We’ve created a culture that when we set targets, there’s a collective determination to beat them together. Our successful financial performance confirms that we’re on the right track to achieving our ambitious goals.
“After a period of consolidation with a turnover at c. £15.6 million for four consecutive years, there was a determination to drive growth again. A more focused approach to targeting business development activity, a fresh brand, and enhancing employee engagement were all part of a joined-up approach to push the business forward.”
Nelsons is currently refurbishing its Leicester office and has similar plans for its Derby premises in the New Year.
