Napthens on track to hit revenue target with 10% improvement in 2023 figures
Preston-based law firm, Napthens, has reported record turnover for the year ending March 2023.
The firm achieved a 10% uptick in turnover to £21.4m for the year, up from £19.5m in the previous reporting period.
Pre-tax profits stabilised, at £5.1m from £5.3m, which was predominantly due to significant investment in the firm, including recruitment, investment in people, internal systems and the successful launch of two new divisions, AfterAthena and AfterHours, delivering legal services to the firm’s employment and licensed leisure clients through innovative new digital platforms.
The new year has heralded a new executive board to provide strategic oversight of growth for the firm across the North West, including the substantial and growing operation in Liverpool.
Such is the growth in the city, including a 20% increase in headcount since November 2022, that the firm will be soon be moving to a new office, located at the heart of Liverpool’s business district.
The newly shaped board sees Jonathan Fox remain as chair, with partners Kieran Donovan, David Hill and Oli McCann elected by the partnership. The board is completed with Nicola Mason, head of people and operations, and Stephen Faulkner, head of finance.
Kieran Donovan, partner and head of Napthens’ Liverpool office, said: “Napthens is in a fantastic place going into 2024, having consolidated our position across Lancashire and Cumbria, while growing our offering across Merseyside and the Liverpool City Region.
“Our long term growth plan to reach £25m annual turnover by 2025 is firmly on track, and to support this we’ve made significant investment in our people, our infrastructure, our support systems, recruitment and strategic projects.
“Investment on such a scale has short term implications on profit growth, but, as a firm, we are investing for the long term and this is something we know will bear dividends.”
He added: “Growth within our Liverpool office serves as a key pillar in Napthens’ strategy to establish itself as one of the most innovative and fastest growing law firms across the North West, which, in turn, retains and attracts the best talent to the business allowing us to continue to deliver class leading legal services to our clients.
“Personally, I’m delighted to be part of Napthens’ new strong board, which is focused on achieving great things for our people, clients and the communities we operate in.”
