Hovell upbeat after investment hits George Davies profits
MOVING to new offices and investing in the future has dented profits at Manchester law firm George Davies.
The firm, which has 19 partners, also saw turnover in the year to the end of April flat at £5.4m. Profits fell to £1.34m from £1.72m last time.
The firm’s move to 1 New York Street in September 2010 was the biggest factor behind the dip in earnings, managing partner Mark Hovell said, while the firm has also grown its partnership with several lateral hires and also promoted from within.
Hovell – who is one of the leading sports lawyers in Europe as well as the firm’s managing partner said: “The last financial year was a significant year for us with our relocation to a new home after 25 years at Fountain Court.
“The significant investment in state of the art offices was definitely the right thing to do and we are all enjoying our new working environment.
“March saw us crowned Medium Law Firm of the Year at the Manchester Legal Awards and with several new recruits and promotions during the financial year, we have a lot to be optimistic about for the future.”
The firm said it has noted a sharp rise in productivity since the move, with growth of 13% in the first quarter of financial year 2011/12.
