Personal injury law firm maintains record turnover and targets further acquisitions
South Manchester personal injury law firm, Express Solicitors, has achieved its third consecutive year of record turnover.
The Top 100 firm, which is consolidating into a new Wythenshawe base following the £4.4m acquisition of new office space, saw group turnover in the year to December 2022, jump by 12.5%, to £36m. It aims to reach revenues of £60m within the next five years.
Turnover increased rapidly over the past three years from £22.6m in 2020, to £30.4m in 2022, while medical reporting agency, Ontime Group, increased turnover from £5.3m to £5.9m.
Caseloads over the year have grown to more than 22,000.
Pre-tax profits for the year fell, from £3.593m in 2021 to £2.638m, reflecting investment in recruitment, marketing and increasing caseloads.
Fees on cases are not recovered for around two years, so this investment will be realised further down the line.
Managing partner, James Maxey, said: “We have really accelerated our ambitious growth plans this year, enabled by the continuous funding of RBS.
“We aim to reach a turnover of £60m within the next five years.”
Marketing spend increased to £12m, with digital resources deployed to improve website traffic and increased PPC working alongside the firm’s established marketing routes.
With recruitment and training also being ramped up, headcount at the firm has increased from 389 to more than 500 staff.
Mr Maxey added: “Yet another highly successful year at Express Solicitors and we’re delighted with our progress against the firm’s growth plan.
“Our team has worked tirelessly, and the results are striking. As we look at the next phase of our strategic plan for this financial year we have all the expertise and resources available in order to achieve our aims.”
In the past financial year, Express Solicitors successfully acquired another personal injury law firm, Michael W Halsall Solicitors, together with its modern Haydock office, and is preparing to transfer head office to the £4.4m building purchased recently which could accommodate 1,000 staff.
Maxey said the firm is on the hunt for other suitable acquisitions as it presses to become the ‘number one’ claimant personal injury firm in the UK.