Law firm back in the black as acquisition strategy pays off

Knights CEO David Beech

Midlands-headquartered legal and professional services group Knights has seen revenues rise and a return to profit for the six months to October 31 2021.

The firm turned over almost £60m during the first half of its financial year – up by 29% on 2020, while it turned a loss of £1.1m into a profit of £800,000 during the period.

Knights made four acquisitions during 2021 including Keebles and Mundys in Yorkshire, while it entered the north-east market after snapping up Archers in Teesside.

The firm says it aim of recruiting talent from its rivals is paying off, with “continued strong momentum” in the recruitment of professionals from other top 50 law firms.

David Beech, CEO of Knights, said: “We have delivered another strong period of profitable, cash generative growth, with our increased scale and national reputation as a premium provider attracting high calibre talent, quality work and acquisition targets across the regions.

“An increasing proportion of our new recruits are joining us from Top 50 law firms and we are actively reviewing a growing pipeline of acquisitions. Despite our recent organic growth and acquisitions, we have maintained our industry leading levels of debtor days, which is testament to the strength of our integration process and strong culture of cash collection.

“Our outlook for the medium term is positive with recruitment supporting good levels of organic growth, and with further acquisition opportunities. We continue to build on the critical mass we achieved last year, further cementing the strong position we have built in key markets for legal services outside London.”

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