Income and profits rise as law firm targets top 30 slot
Law firm, Weightmans, has reported its most successful year to date, as it publishes its 2023/24 financial results.
The firm, which has a base in Leicester, says its full 12 months’ trading produced over £140m in income, a 12% increase on 2022/23) and an £18m net profit, up by 41.1% on the previous year, a record for the business. PEP (profit per equity partner) was £391,000 for the 12-month period.
Strong results were delivered by all the firm’s seven key client segments. Six of the segments – Built Environment, Health, Individuals, Insurance, OMB and Public Bodies, all produced double digit growth in revenues compared to the previous year. Its Corporate segment grew by 6%.
Major financial and commercial success was reported in most service lines during the year, especially in employment, property litigation, regulatory and specialty insurance.
During the year the firm also launched CyXcel – its new cyber consulting business which fuses legal and technical cyber expertise. This part of the business enjoyed rapid growth, including the expansion of its operations to North America in June 2024.
John Schorah, managing partner, said: “I am very proud of all the hard work and contributions made by our people to make this our most successful year ever.
“Their talent and unwavering support for each other continues to deliver great results for our clients and places the business in a very strong position as we make progress towards being a Top 30 law firm.
“The merger with RadcliffesLeBrasseur in 2022 has delivered significant organic growth for the firm in the second-year post merger in those areas we have combined, as well as delivering cost saving synergies.
“Independently of the merger we have also seen our other core areas do well.”
During the year, Weightmans promoted 15 people to the partnership – bringing its total number of partners to 248 – and 12 to legal director. It also saw 15 lateral partners join in the year.
